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OPEC+ was expected to add 500,000 to 1 million barrels per day from August at its July 1 meeting, though some talk of no increase. Analysts warned that an internal OPEC report points to a possible glut after production cuts are fully reversed by April 2022.
The OPEC+ decision on output sets the direction of crude prices, which feed into diesel, freight and biofuel margins that affect feed ingredient costs.
cnbc.comPatti DommJun 30, 2021After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
