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Brent settled above $90 a barrel for the first time since November after Saudi Arabia extended its 1 million barrel per day voluntary supply cut through year-end. Russia also extended its 300,000 barrel per day export cut through year-end.
Higher crude prices raise energy and freight costs for feed production and transport, and they support biofuel feedstock economics, including soybean oil and palm oil.
think.ing.comWarren Patterson, Ewa MantheySep 6, 2023After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
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.
