Loading…
Oil inventories have fallen in seven of the last ten weeks, down 32 million barrels since late June. Brent front-month averaged above $91 in September, up from $75 in June, and the six-month spread moved into a $4.50 backwardation.
Falling inventories and steep backwardation point to tight crude supply, supporting higher energy costs for feed production, transport and fertilizer. Persistent tightness keeps energy-linked feed input prices under upward pressure.
reuters.comJohn KempSep 19, 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.
