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WTI futures traded above $106 in New York after settling at $103.41 on Tuesday. The International Energy Agency agreed to release 60 million barrels from reserves, and financial sanctions against Russia continue to mount.
A reserve release is meant to cap prices, but sanctions threaten major Russian supply, keeping crude and diesel costs elevated for feed transport and processing.
bloomberg.comJulia FanzeresFeb 28, 2022After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
