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OPEC+ sources said a technical committee report forecasts a 0.9 million bpd deficit in 2021 as demand recovers, with OECD commercial inventories staying below their 2015-2019 average until May 2022. Brent was trading near $73 a barrel, close to multi-year highs.
A forecast of tightening inventories through mid-2022 supports crude prices and strengthens the case for faster OPEC+ supply increases, which would affect diesel and fertilizer costs.
reuters.comRania El GamalAug 31, 2021After 116 past bullish report events, BRENT moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, WTI moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
