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The surge in WTI prices, driven by Saudi-led OPEC+ supply cuts and falling U.S. shale output, is changing global crude trade flows. U.S. oil is staying home instead of moving to Europe and Asia.
That has lifted demand and prices for other crudes imported by those regions.
Redirected crude flows tighten supply in import markets and raise global energy costs. Higher fuel and freight costs feed through to ag transport and processing margins.
reuters.comFlorence Tan, Jeslyn LerhSep 19, 2023After 36 past bullish trade events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (69% higher; middle half -2.0% to +4.5%), and +0.7% over 20.
After 16 past bullish trade events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (81% higher; middle half +0.5% to +4.8%), and +5.9% 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.
