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The ringgit weakened toward 4.144 per dollar, a four-month high for the greenback, as crude oil fell after the Suez Canal blockage stalled tanker traffic. Brent slipped to about $63.34 and WTI to about $59.94 amid renewed Covid-19 lockdown concerns.
Crude weakness and Suez disruption shape freight and energy costs for feed ingredients, and a weaker ringgit adds to pressure on Malaysian palm oil economics.
themalaysianreserve.comDzulMar 26, 2021After 19 past bearish logistics events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -6.6% to +2.3%), and +5.3% over 20.
After 36 past logistics events, Crude Oil (Brent) moved a median +0.2% over 5 sessions (50% higher; middle half -4.6% to +3.2%), and +1.5% over 20.
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.
