Loading…
OPEC+ production cuts taken in May are on track to remove about 9.7 million barrels per day of crude, roughly 10% of global supply, according to tanker-tracking data and trader and refiner interviews. The cuts were made in response to a collapse in oil prices.
A supply cut of this scale tightens crude balances and supports energy prices, which feed into feed costs via diesel, fertilizer and biofuel economics.
bloomberg.comGrant SmithMay 16, 2020After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
