# Market Summary: November 7, 2021 | news.cqg.com

> Petroleum prices fell for a second week, with WTI down 2.8%, Brent down 1.2% and ULSD down 0.9%. OPEC+ kept its 400,000 bpd monthly increase despite Western requests for more supply, and a US Energy Secretary said the Strategic Petroleum Reserve is an option.

- Date: 2021-11-01 · published 2021-11-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44222-market-summary-november-7-2021-news-cqg-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

OPEC+ holding output steady while SPR release is floated leaves crude supply uncertain, which affects energy costs and biofuel and feed-input pricing.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-11-20 | [Heating Oil vs WTI crack spread November 20,2025](https://feedsoft.ai/events/11485-heating-oil-vs-wti-crack-spread-november-20-2025.md) | -2.1% | -6.3% |
| WTI | 2025-06-23 | [Latest Oil Market News and Analysis for June 24 - Bloomberg](https://feedsoft.ai/events/9998-latest-oil-market-news-and-analysis-for-june-24-bloomberg.md) | -12.2% | -9.7% |
| WTI | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.1% | +11.6% |
| WTI | 2022-11-28 | [Ahead of the Open \| November 28, 2022 - Pro Farmer](https://feedsoft.ai/events/12216-ahead-of-the-open-november-28-2022-pro-farmer.md) | +4.6% | +4.2% |
| WTI | 2024-03-25 | [Opec+ 7 agree another output target hike in August \| Latest Market News](https://feedsoft.ai/events/31111-opec-7-agree-another-output-target-hike-in-august-latest-market-news.md) | +4.1% | +3.2% |
| BRENT | 2025-06-23 | [Latest Oil Market News and Analysis for June 24 - Bloomberg](https://feedsoft.ai/events/9998-latest-oil-market-news-and-analysis-for-june-24-bloomberg.md) | -11.9% | -9.9% |
| BRENT | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.9% | +12.9% |
| BRENT | 2024-03-25 | [Opec+ 7 agree another output target hike in August \| Latest Market News](https://feedsoft.ai/events/31111-opec-7-agree-another-output-target-hike-in-august-latest-market-news.md) | +1.9% | +2.3% |

## Sources

- news.cqg.com: https://news.cqg.com/blogs/commentary/2021/11/market-summary-november-7-2021

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