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Crude prices rose about $5 a barrel in the week ending March 31. The gain reflected the loss of roughly 450 kbpd of Iraqi Kurdish exports and short-covering in WTI after positions had become stretched.
Large US and Singapore inventory draws and renewed speculator buying also supported the move.
Tighter inventories and fresh speculative buying support crude and diesel prices, which feed into feed-mill energy and freight costs. Part of the gain came from positioning, so the move may not hold without further supply tightness.
commoditycontext.comRory JohnstonMar 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.
