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OPEC was expected to cut its 2022 oil demand growth forecast amid the delta variant's spread. About 1.4 million bpd of US Gulf offshore output remained halted after Hurricane Ida, and China planned its first public auction of state crude reserves while the US approved a loan of strategic reserve oil to ExxonMobil.
Reserve releases and a possible demand downgrade offset Gulf supply losses, leaving crude direction mixed for energy-linked feed and biofuel costs.
arabnews.comShatha AlmasoudiSep 10, 2021After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% 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.
