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An analysis from Yahoo Finance cites three drivers of crude prices in 2020: the Wuhan coronavirus, OPEC+ output adjustments, and climate-related pressure on fossil fuels. It notes WTI had fallen about 15% year to date, and KPMG's Regina Mayor estimated virus-related demand destruction at 300,000 to 500,000 barrels per day.
The estimated demand loss is small relative to global consumption, so the price pressure may overstate the real effect. Energy-price swings still feed into biofuel and freight costs for feed buyers.
finance.yahoo.comEmily McCormickJan 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.
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.
