# Oil prices reverse late in session as heating oil contract plunges

> Reuters reports that OPEC+ and allies are likely to stick to their existing deal and approve another small output increase for June at their May 5 meeting, according to six sources. Oil prices reversed late in the session as heating oil contracts plunged.

- Date: 2022-04-29 · published 2022-04-29T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/41753-oil-prices-reverse-late-in-session-as-heating-oil-contract-plunges
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Expectations of only modest OPEC+ supply additions leave crude supported, though the intraday reversal signals short-term volatility in distillate markets.

## Read by commodity

- WTI: bullish ▲
- DIESEL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-22 | [Crude oil prices jump in reaction to OPEC deal By Seeking Alpha](https://feedsoft.ai/events/11575-crude-oil-prices-jump-in-reaction-to-opec-deal-by-seeking-alpha.md) | +11.9% | +7.2% |
| WTI | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.6% | +1.9% |
| WTI | 2022-11-22 | [Oil rises as Saudi comments outweigh recession concerns](https://feedsoft.ai/events/38847-oil-rises-as-saudi-comments-outweigh-recession-concerns.md) | -2.1% | -4.7% |
| WTI | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +1.5% | +6.8% |
| WTI | 2022-01-04 | [Oil prices jump as Opec+ agrees to continue output increase in February \| The National](https://feedsoft.ai/events/43063-oil-prices-jump-as-opec-agrees-to-continue-output-increase-in-february-the.md) | +2.8% | +16.0% |
| DIESEL | 2026-06-01 | [Renewable fuel credit prices hit records on U.S. biofuel mandates, oil market volatility](https://feedsoft.ai/events/18888-renewable-fuel-credit-prices-hit-records-on-u-s-biofuel-mandates-oil-market.md) | +1.7% | -5.9% |
| DIESEL | 2020-08-27 | [Crude oil or cooking oil? For some U.S. refiners, it's now a choice](https://feedsoft.ai/events/51485-crude-oil-or-cooking-oil-for-some-u-s-refiners-it-s-now-a-choice.md) | -4.5% | -9.5% |
| DIESEL | 2026-09-02 | [CBOT soybean oil rises 7.2% as EPA reallocation shifts biofuel outlook \| S&P Global](https://feedsoft.ai/events/14992-cbot-soybean-oil-rises-7-2-as-epa-reallocation-shifts-biofuel-outlook-s-and-p.md) | +2.7% | +6.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-eases-china-lockdowns-weigh-demand-outlook-2022-04-29/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.