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Sources told Reuters that Russia is likely to propose that OPEC+ cut oil output by about 1 million barrels per day. Reports also noted talk of a possible US diesel export ban, which widened US crude's discount to global benchmarks.
A cut of that size would remove a meaningful share of supply and push crude higher if approved. A diesel export ban would raise domestic US fuel costs, affecting farm and freight expenses.
reuters.comSep 27, 2022After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% 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.
