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Brent crude settled at $87.45 on Monday, well below its $92.38 peak on Oct. 19 and only a few dollars above its $84.58 level before the Hamas attack on Israel.
The DOE/EIA retail diesel price fell 9.1 cents to $4.454 a gallon, slightly below its pre-attack level.
The geopolitical risk premium in crude and diesel has largely unwound, lowering fuel surcharges and on-farm and freight costs for feed buyers. Further declines would ease transport costs, though renewed Mideast escalation could reverse the trend.
freightwaves.comJohn KingstonOct 31, 2023Not enough comparable past events yet for a historical read.
Not 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.
Describes crude and diesel giving back most of the post-attack risk premium around Oct 30-31, consistent with a geopolitical premium unwind driving the decline.
