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An Arab News analysis says oil market sentiment has shifted from supply concerns to recession fears, causing a sharp sell-off. Physical crude markets are expected to stay tight in August, with inventories building and Brent possibly sliding toward $100 or below in 2023.
Expectations of looser balances from September onward point to lower crude and diesel costs, which eases feed transport and processing expenses. Weaker energy also trims biofuel support for vegetable oils.
arabnews.comMohammed Al-ShattiJul 31, 2022After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
