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Oil prices fell about 4% on November 30, 2021, after a new coronavirus strain was reported, with Brent and WTI losing over 4%. Palm oil fell 4% and soybean oil 5.4% in the same session.
Sunflower oil export prices in Ukraine also declined.
Weaker crude reduces the biodiesel feedstock appeal of vegetable oils, pressuring palm, soyoil and sunflower oil prices. Lower energy prices feed directly into the vegetable oil complex.
ukragroconsult.comDec 1, 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.
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.
After 51 past bearish macro events, Palm Oil moved a median -1.3% over 5 sessions (35% higher; middle half -4.1% to +1.1%), and -1.8% over 20.
After 40 past bearish macro events, Soybean Oil moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% 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.
Omicron-triggered 4% crude oil selloff on Nov 30 dragged palm oil down 4% via lower biofuel/energy demand and risk-off sentiment.
Crude oil fell about 4% on Nov 30 on Omicron fears, and palm oil and soybean oil fell 4% and 5.4% in the same session, a sentiment and energy-linked selloff that drove the large one-day drop.
Crude oil fell about 4% on Omicron fears on Nov 30, dragging palm oil down about 4% via lower biodiesel and energy-linked demand and risk-off sentiment, which fits the 5-day drop.
Oil fell about 4% on Nov 30 on Omicron news, confirming the continued sell-off late in the window.
