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ICE Brent front-month futures fell close to 4.5% within a day to below $80 a barrel, while front-month time spreads stayed firm. Falling US bond yields and Asian equity weakness were cited, along with worries about a new Covid variant in South Africa.
Demand fears from the new variant weighed on crude prices, though steady ARA diesel draws could partly support refined product prices.
energyscan.engie.comNov 26, 2021After 26 past bearish disease events, Crude Oil (Brent) moved a median -6.0% over 5 sessions (15% higher; middle half -13.3% to -2.0%), and -6.8% over 20.
After 32 past bearish disease events, Crude Oil (WTI) moved a median -5.2% over 5 sessions (13% higher; middle half -15.0% to -2.4%), and -5.7% over 20.
After 17 past disease events, ULSD / Diesel moved a median -5.8% over 5 sessions (35% higher; middle half -6.3% to +1.2%), and -6.1% 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.
Brent fell sharply on Nov 26 on variant worries, weaker equities and lower bond yields, a risk-off sentiment that spilled into diesel.
Brent fell about 4.5% on Covid variant worries, falling bond yields and weak Asian equities, which weighed on the energy complex.
