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ING's commodities note says oil closed higher on April 12 even after the IMF cut its global growth forecast, with ICE Brent up 1.7%. A weaker US dollar supported the broader complex, and the market was awaiting US CPI data.
Higher energy prices raise biofuel and input costs, which can lift feed-related commodities. A weaker dollar also supports dollar-priced commodities.
think.ing.comWarren Patterson, Ewa MantheyApr 12, 2023After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
