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Oil futures settled near five-month lows on Oct 30, with December WTI at $35.79 and Brent at $37.46. The decline followed rising COVID-19 cases and planned partial lockdowns in Germany and France.
Lower European energy demand and weaker mobility point to continued crude price weakness, reducing energy input costs for feed supply chains.
daily.energybulletin.orgTom WhippleOct 1, 2020After 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.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
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.
