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Oil slid to a three-month low as concern that the coronavirus outbreak would cut demand prompted OPEC to consider an emergency meeting. Airlines suspended flights to China, and analysts cut forecasts for Chinese oil consumption, with jet fuel most affected.
WTI fell to about $52.31 and Brent to about $58.59.
Demand destruction in China lowers energy prices and reduces the cost of diesel and biofuel inputs. A possible OPEC response could limit the downside for crude.
energynow.comJan 30, 2020After 32 past bearish disease events, Crude Oil (WTI) moved a median -5.2% over 5 sessions (13% higher; middle half -15.0% to -2.4%), and -5.7% over 20.
After 26 past bearish disease events, Crude Oil (Brent) moved a median -6.0% over 5 sessions (15% higher; middle half -13.3% to -2.0%), and -6.8% over 20.
After 13 past bearish disease events, ULSD / Diesel moved a median -5.1% over 5 sessions (38% higher; middle half -6.3% to +1.2%), and -6.1% 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.
