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Reuters reported that OPEC+ trimmed its 2022 oil market surplus forecast to 1 million bpd from 1.4 million bpd, citing an internal report for the Joint Technical Committee meeting. Crude prices rose after the report, with WTI near $109.47 and Brent up 2% at $114.65.
A smaller expected surplus implies tighter global crude balances, which supports energy prices. Higher energy costs feed through to diesel, transport and fertilizer expenses for feed producers.
octaafrica.netJun 27, 2022After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
