# OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns

> Crude futures fell more than 10% on November 26, 2021, the biggest single-day drop of the year, with WTI dropping below $70 a barrel for the first time since September. Several countries moved to ban flights from African nations after the new B.1.1.529 variant was announced.

- Date: 2021-11-26 · published 2021-11-26T12:00:00.000Z
- Category: disease · region Global · magnitude high
- Page: https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Investors fear the variant could derail the economic reopening and reduce fuel demand, weighing on crude and refined product prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DIESEL | 2021-11-26 | 1 | -6.2% | -4.5 | The crude futures plunge of over 10% on Omicron fears and flight bans cut expected fuel demand and fed directly into the ULSD sell-off on the same day. |
| BRENT | 2021-11-26 | 1 | -11.8% | -8.6 | Describes crude futures falling more than 10% on Omicron concerns and flight bans, a demand and sentiment shock that explains the move. |
| DIESEL | 2021-12-01 | 5 | -13.2% | -4.2 | Crude fell more than 10% on Omicron fears, a demand-sentiment shock that dragged down diesel, which is refined from crude. |
| BRENT | 2021-12-01 | 5 | -15.6% | -5.2 | Crude futures plunged over 10% on Omicron concerns and flight bans, driving the core of the weekly drop. |
| WTI | 2021-12-01 | 5 | -16.5% | -4.7 | Confirms the 10%+ drop on Nov 26 on flight bans tied to the new variant, a demand-sentiment shock. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-12-01 | [Oil turns lower as Covid variant is confirmed in the U.S.](https://feedsoft.ai/events/6815-oil-turns-lower-as-covid-variant-is-confirmed-in-the-u-s.md) | +8.8% | +15.8% |
| WTI | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -15.0% | -5.7% |
| WTI | 2020-01-22 | [Fueled by concerns over the ‘China virus,’ oil markets tumble - FreightWaves](https://feedsoft.ai/events/12373-fueled-by-concerns-over-the-china-virus-oil-markets-tumble-freightwaves.md) | -8.4% | -8.5% |
| WTI | 2020-02-03 | [Price of oil dips below $50 for first time in more than a year \| CBC News](https://feedsoft.ai/events/7409-price-of-oil-dips-below-50-for-first-time-in-more-than-a-year-cbc-news.md) | -2.4% | -9.3% |
| WTI | 2020-01-27 | [Oil hits more than 3-month low on fears coronavirus will slow growth](https://feedsoft.ai/events/55262-oil-hits-more-than-3-month-low-on-fears-coronavirus-will-slow-growth.md) | -4.7% | -5.1% |
| BRENT | 2021-12-01 | [Oil turns lower as Covid variant is confirmed in the U.S.](https://feedsoft.ai/events/6815-oil-turns-lower-as-covid-variant-is-confirmed-in-the-u-s.md) | +6.8% | +9.0% |
| BRENT | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -14.7% | -6.8% |
| BRENT | 2020-01-22 | [Fueled by concerns over the ‘China virus,’ oil markets tumble - FreightWaves](https://feedsoft.ai/events/12373-fueled-by-concerns-over-the-china-virus-oil-markets-tumble-freightwaves.md) | -7.3% | -10.3% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/112621-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant-concerns

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.