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The dated Brent benchmark dropped to a record discount of about $10 per barrel to Brent futures. Middle East benchmarks that price most Asian supply also hit all-time lows as supplies swelled after the OPEC+ pact collapsed.
Record physical discounts signal a glut in prompt barrels, which pressures crude and related energy prices used in feed logistics. The weakness is concentrated in Asia, where fuel and freight costs feed through to regional feed ingredient pricing.
reuters.comJulia PayneApr 3, 2020Not enough comparable past events yet for a historical read.
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.
