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An analysis argues that the OPEC+ production cut deal is not yet a failure, since reductions were not scheduled until May and oil prices had nosedived after signing. It notes the deal could remove over 8 mmb/d in 2020 if fully implemented.
If members comply, the cuts could rebalance the market and support crude prices, lifting energy-linked costs for feed producers.
bcg.comRaad Alkadiri, Jamie Webster, Rebecca Fitz, Alex DewarMay 5, 2020After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
