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WTI for April rose 70 cents to $78.61 and Brent rose 64 cents to $83.67 on February 22. Prices gained on signs of a tightening global crude market, including a rising premium for prompt delivery.
Winter storms in North America had knocked out about 1.4 million barrels per day of production in January.
Supply disruptions and tighter spreads support higher crude costs, which feed through to diesel, freight and biofuel feedstock prices. The move supports vegetable oil values, though the effect on grain and meal is limited.
cnbc.comSpencer KimballFeb 22, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
