# A Bullish Outlook for Commodities | WisdomTree

> WisdomTree summarizes a podcast with Citi's Ed Morse, who expects commodities to shift from contango to backwardation as supply tightens. He sees Q4 oil supply down 9-10% year over year against demand down 4-5%, drawing inventories.

- Date: 2020-10-06 · published 2020-10-06T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50561-a-bullish-outlook-for-commodities-wisdomtree
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tightening oil balances and a move to backwardation raise crude prices and raise input costs for biofuels and freight, which feeds through to feed-ingredient economics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-06-19 | [Commodities outlook: It's all action as Fed decides](https://feedsoft.ai/events/58511-commodities-outlook-it-s-all-action-as-fed-decides.md) | +7.1% | +5.0% |
| WTI | 2021-06-16 | [WCU Commodities back on track for a strong 2021 finish \| Saxo](https://feedsoft.ai/events/46625-wcu-commodities-back-on-track-for-a-strong-2021-finish-saxo.md) | +1.4% | +1.4% |
| WTI | 2021-05-01 | [Why prices of commodities, from metals to food, are soaring](https://feedsoft.ai/events/11301-why-prices-of-commodities-from-metals-to-food-are-soaring.md) | +2.2% | +4.4% |
| WTI | 2021-06-18 | [Goldman sees Fed-driven dip in commodities as a 'buying opportunity'](https://feedsoft.ai/events/46485-goldman-sees-fed-driven-dip-in-commodities-as-a-buying-opportunity.md) | +3.2% | +1.0% |
| WTI | 2016-12-29 | [Stay both commodity and dollar bullish in 2017 – Goldman Sachs — Octa](https://feedsoft.ai/events/73389-stay-both-commodity-and-dollar-bullish-in-2017-goldman-sachs-octa.md) | -0.5% | -1.6% |
| BRENT | 2019-06-19 | [Commodities outlook: It's all action as Fed decides](https://feedsoft.ai/events/58511-commodities-outlook-it-s-all-action-as-fed-decides.md) | +4.6% | +3.8% |
| BRENT | 2018-09-24 | [Goldman: Stronger dollar unlikely to derail bullish view on commodities \| Daily FT](https://feedsoft.ai/events/62956-goldman-stronger-dollar-unlikely-to-derail-bullish-view-on-commodities-daily-ft.md) | +4.9% | +1.6% |
| BRENT | 2021-06-18 | [Goldman sees Fed-driven dip in commodities as a 'buying opportunity'](https://feedsoft.ai/events/46485-goldman-sees-fed-driven-dip-in-commodities-as-a-buying-opportunity.md) | +3.8% | +1.4% |

## Sources

- wisdomtree.com: https://www.wisdomtree.com/us/insights/blog/a-bullish-outlook-for-commodities

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