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OPEC+ confirmed it will keep its plan to return 2.1 million barrels per day of supply to the market during May through July. The group expects demand to rise despite high coronavirus case counts in India.
Added OPEC+ supply weighs on crude benchmarks and eventually on diesel and biofuel feedstock costs. Buyers should expect steady rather than tightening crude supply through July.
reuters.comAlex Lawler, Ahmad GhaddarJun 1, 2021After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
