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Petroleum product futures, including ULSD and RBOB, rose for a fifth straight week to breakouts above resistance. Drivers cited include a 100,000 barrel-per-day drop in US crude output, a net loss of supply from falling inventories, and expected Chinese stimulus.
A further one million barrel-per-day Saudi cut is also cited.
Tighter crude and diesel supplies raise fuel and freight costs for feed producers and push up prices for energy-linked inputs. Technical overbought signals suggest the rally could pause, but the fundamentals point to firm prices.
fuelsmarketnews.comKeith ReidJul 31, 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.
