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Brent futures fell $4.33, or 4.1%, to settle at $102.32 a barrel, and WTI dropped 3.5% to $98.54. Prices slid on growing concern about energy demand as COVID-19 lockdowns persist, including in Shanghai.
Weaker Chinese energy demand from lockdowns points to softer diesel and fuel demand, which lowers the cost of feedstock and freight for feed producers. Lower energy costs ease pressure on crush margins and transport costs.
reuters.comScott DisavinoApr 25, 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.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% 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.
