Loading…
Bloomberg reports OPEC and its allies expect oil markets to keep tightening in 2021 even as output is revived, then move into surplus in 2022. The data was to be presented to the group's Joint Technical Committee.
Expected tightness this year supports prices in the near term, while a projected 2022 surplus limits longer-term upside, shaping hedging decisions for energy-linked feed costs.
bloomberg.comGrant Smith, Salma El WardanyAug 31, 2021After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% 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.
