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Petroleum prices fell sharply in the week to August 6 as the delta variant of COVID-19 hit demand, with WTI down 7.7% and Brent down 6.3%. Restrictions in China cut road traffic to about 70% of normal, and the dollar index rallied to 92.78.
Weaker demand from China and a stronger dollar reduce energy prices and make US dollar-priced commodities less competitive abroad. The weekly move is a demand-driven market wrap rather than a new supply shock.
news.cqg.comAndy HechtAug 1, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
