Loading…
Oil prices dropped over $2 a barrel to a three-week low on concerns that surging COVID-19 cases in Asia would reduce crude demand. Worries about possible Fed rate hikes slowing growth also weighed on prices.
Lower crude prices reduce energy costs and weaken biofuel economics, pressuring soybean oil and vegetable oil prices. Demand concerns from Asia add downside risk to energy-linked commodities.
reuters.comScott DisavinoMay 19, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 40 past bearish macro events, Soybean Oil moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% 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.
