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Crude oil fell to its lowest level in over a week on macro concerns, though it was still set for a weekly deficit. Distillate supplies rose 2.7 million barrels and a possible 25% cut in Russian oil exports was discussed.
Crude and diesel direction affects fuel and freight costs for feed producers, and a possible Russian export cut would add upside risk to energy prices.
mansfield.energyAlan ApthorpFeb 24, 2023After 102 past neutral macro events, WTI moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
After 54 past neutral macro events, BRENT moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% over 20.
After 11 past neutral macro events, DIESEL moved a median +1.8% over 5 sessions (64% higher; middle half -0.6% to +4.1%), and +3.9% 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.
