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OPEC+ agreed on January 4, 2022 to restore the 400,000 barrel-a-day increase scheduled for February. Analysts had predicted a smaller first-quarter surplus than previously expected, and Brent was near $80 a barrel.
The planned supply increase is a bearish factor for crude, but a tighter-than-expected outlook supports prices. The net effect on energy costs for feed producers is modest.
bloomberglinea.comGrant Smith, Salma El Wardany, Ben Bartenstein, Dina KhrennikovaJan 4, 2022After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
