# Freight boom fuels shipping and oil prices

> A global restocking of inventories is lifting demand for shipping, trucking and rail capacity, and oil prices have risen above $50 a barrel. Container flows are strong as consumers shift spending toward physical goods.

- Date: 2020-12-23 · published 2020-12-23T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/49840-freight-boom-fuels-shipping-and-oil-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Stronger freight demand and higher oil prices raise transport costs for feed ingredients and fuel. The restocking also supports ocean freight rates.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.5% | -11.4% |
| WTI | 2018-04-11 | [Strong Demand, Not OPEC, Is Pushing Oil Prices Higher \| OilPrice.com](https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com.md) | +1.6% | +5.2% |
| WTI | 2018-01-13 | [Colombia peso boosted by weak dollar and rising oil prices - Colombia News](https://feedsoft.ai/events/67263-colombia-peso-boosted-by-weak-dollar-and-rising-oil-prices-colombia-news.md) | -1.0% | -7.6% |
| WTI | 2026-10-20 | [Canadian dollar outlook: oil prices and Fed signals drive the loonie By Investing.com](https://feedsoft.ai/events/17267-canadian-dollar-outlook-oil-prices-and-fed-signals-drive-the-loonie-by.md) | -0.2% | — |
| WTI | 2021-05-31 | [CAD boosted by jump in oil prices - OFX (CA)](https://feedsoft.ai/events/47335-cad-boosted-by-jump-in-oil-prices-ofx-ca.md) | +4.4% | +10.0% |
| BRENT | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.0% | -11.4% |
| BRENT | 2018-04-11 | [Strong Demand, Not OPEC, Is Pushing Oil Prices Higher \| OilPrice.com](https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com.md) | +1.1% | +5.2% |
| BRENT | 2023-03-20 | [Oil prices rebound after hitting lowest since 2021 on banking fears](https://feedsoft.ai/events/37055-oil-prices-rebound-after-hitting-lowest-since-2021-on-banking-fears.md) | +3.2% | +18.3% |

## Sources

- spokesman.com: https://www.spokesman.com/stories/2020/dec/23/freight-boom-fuels-shipping-and-oil-prices/

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