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WTI crude jumped $6.33 per barrel, about 11.5%, at Monday's market open after attacks on Saudi Arabian oil facilities. Prices stayed volatile through the week as news about the damage and the response came out.
Diesel and gasoline forward prices also rose, and WTI was around $59 per barrel at the time of writing.
Higher crude and diesel costs raise energy and freight expenses for feed producers and can pass through to ingredient and feed prices.
fuelsmarketnews.comDr. Nancy YamaguchiSep 20, 2019After 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.
After 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 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
