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ULSD futures on CME fell 97.3 cents to settle at $3.4643 a gallon on March 9, 2022, a 21.9% one-day drop that erased the gains since the early-March war-driven surge. WTI fell 12.56% and Brent 10.2% the same day.
Energy Secretary Jennifer Granholm, speaking at CERAWeek in Houston, urged oil producers to increase output.
The sharp fall wipes out recent risk premium in diesel and crude, pointing to lower diesel input costs for feed transport and processing in the near term. Volatility like this can reverse quickly if supply concerns return.
freightwaves.comJohn KingstonMar 9, 2022Not 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.
Same-day collapse in diesel and crude, with the Energy Secretary urging more output, reinforces the supply-response sentiment.
