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Brent settled near $88 a barrel as the short-term geopolitical risk premium from the Hamas attack on Israel diminished, with prices giving up nearly half of their post-attack gains. The API reported a 2.7 million barrel US crude draw, and Western Canada Select's discount to WTI widened to $24.5 a barrel.
Unwinding the war premium lowers near-term energy costs, while a wider Canadian discount reflects pipeline constraints that can shift crude flows and pricing.
think.ing.comEwa Manthey, Warren PattersonOct 25, 2023Not 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.
