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Oil steadied near $53 a barrel as signs of tightening global supply offset concerns about the pandemic's latest demand hit. U.S. industry data pointed to a sharp drop in crude stockpiles, and the market moved into backwardation.
Saudi Arabia and Iraq are cutting output in February, and Russia and Libya have also reduced exports.
Backwardation and tighter supply point to firmer energy costs, which raise diesel and freight expenses for feed buyers. Higher crude also supports biofuel margins and vegetable oil demand.
energynow.comJan 27, 2021Not 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.
