# Outright crude crashes – EnergyScan

> 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.

- Date: 2021-11-26 · published 2021-11-26T12:00:00.000Z
- Category: disease · region Global · magnitude medium
- Page: https://feedsoft.ai/events/4775-outright-crude-crashes-energyscan
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Demand fears from the new variant weighed on crude prices, though steady ARA diesel draws could partly support refined product prices.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DIESEL | 2021-11-26 | 1 | -6.2% | -4.5 | Brent fell sharply on Nov 26 on variant worries, weaker equities and lower bond yields, a risk-off sentiment that spilled into diesel. |
| DIESEL | 2021-12-01 | 5 | -13.2% | -4.2 | Brent fell about 4.5% on Covid variant worries, falling bond yields and weak Asian equities, which weighed on the energy complex. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.6% | -3.7% |
| BRENT | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -14.7% | -6.8% |
| BRENT | 2021-11-26 | [Oil crashes as coronavirus strain threatens demand recovery \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al.md) | -14.7% | -6.8% |
| BRENT | 2020-01-30 | [How coronavirus, climate change and OPEC will continue to move crude oil prices](https://feedsoft.ai/events/55264-how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices.md) | -7.2% | -9.1% |
| BRENT | 2022-04-22 | [Crudes Fall 4% Week Over Week as China's Lockdowns Stoke Demand Fears](https://feedsoft.ai/events/41762-crudes-fall-4-week-over-week-as-china-s-lockdowns-stoke-demand-fears.md) | -1.0% | +4.5% |
| WTI | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.0% | -5.7% |
| WTI | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [Oil crashes as coronavirus strain threatens demand recovery \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al.md) | -15.0% | -5.7% |

## Sources

- energyscan.engie.com: https://energyscan.engie.com/daily-news/oil/outright-crude-crashes/

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