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Brent crude rose 15% to $69.02 a barrel on Monday, its largest one-day closing gain on record. Front-month U.S. crude ended 15% higher at $62.90, its largest one-day surge in more than a decade.
The moves followed the attack on Saudi oil facilities.
Record one-day gains reflect a sudden loss of Saudi supply and a sharp risk premium. Higher crude prices raise fuel, fertilizer and freight costs that flow into feed ingredient prices.
wsj.comJoe Wallace, Caitlin Ostroff and Amrith RamkumarSep 16, 2019After 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.
After 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.
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.
Reports Brent's record one-day closing gain to $69.02 following the Saudi attack, matching the observed move.
Reports Brent's record one-day closing gain after the attack.
