Loading…
Scotiabank analysts said the COVID-19 second wave has not yet stalled the commodity rally but poses risk to global demand. They expect WTI to average about $46 per barrel in Q1 2021, below recent levels, and described the Canadian dollar as a mid-table performer.
A softer oil price outlook reduces energy and freight costs over the near term, which can ease costs for feed producers. Demand uncertainty may weigh on commodities generally.
scotiabank.comJan 29, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
