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Shut-in Gulf of Mexico production and reduced refinery runs after Hurricane Ida left ULSD stocks below their five-year low. ULSD futures broke resistance near $2.27 a gallon, and WTI reached a new high of $74.27 a barrel.
Low distillate inventories ahead of the heating season keep diesel and freight costs elevated for feed buyers. Crude strength adds to input costs across agriculture.
fuelsmarketnews.comKeith ReidSep 30, 2021After 39 past bullish weather events, ULSD / Diesel moved a median +2.4% over 5 sessions (59% higher; middle half -4.5% to +6.1%), and +8.9% over 20.
After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
