# ICE weekly outlook: Canola feeling the energy - Grainews

> ICE canola futures climbed over the week to the top of a three-month range, moving alongside strength in crude oil and natural gas. Analysts describe canola as trading as an energy play, with European rapeseed record highs also feeding sentiment. Tight Canadian supplies from the Prairie drought remain a underlying support.

- Date: 2021-10-06 · published 2021-10-06T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/44670-ice-weekly-outlook-canola-feeling-the-energy-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Canola prices are being driven more by energy market momentum than by crop fundamentals, so a reversal in crude or gas could end the rally. Buyers should watch energy and European rapeseed for price direction.

## Read by commodity

- WTI: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-07-17 | [Weekly Energy Market Situation, July 17, 2017 - Fuels Market News](https://feedsoft.ai/events/70127-weekly-energy-market-situation-july-17-2017-fuels-market-news.md) | -1.6% | +4.9% |
| WTI | 2021-06-17 | [Weekly Energy Market Situation, June 14, 2021 - Fuels Market News](https://feedsoft.ai/events/46792-weekly-energy-market-situation-june-14-2021-fuels-market-news.md) | +1.4% | -0.6% |
| WTI | 2026-10-20 | [Canadian dollar outlook: oil prices and Fed signals drive the loonie By Investing.com](https://feedsoft.ai/events/17267-canadian-dollar-outlook-oil-prices-and-fed-signals-drive-the-loonie-by.md) | -0.2% | — |
| WTI | 2017-10-28 | [Brent crude hits high note of $60 - here's why... - News for the Energy Sector](https://feedsoft.ai/events/68634-brent-crude-hits-high-note-of-60-here-s-why-news-for-the-energy-sector.md) | +3.2% | +7.8% |
| WTI | 2020-05-15 | [Canada and the loonie: Oiling up the engine \| articles \| ING THINK](https://feedsoft.ai/events/53361-canada-and-the-loonie-oiling-up-the-engine-articles-ing-think.md) | +24.5% | +32.0% |

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-canola-feeling-the-energy/

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