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Oil futures settled down more than 13% after hitting a nearly 14-year high in the prior session, when Biden banned US imports of Russian energy. WTI fell $15 to $108.70 and Brent fell $16.84 to $111.14.
Heating-oil futures dropped nearly 22%, their biggest daily decline since 1991.
The heating-oil collapse signals a sharp fall in diesel costs, which lowers feed transport and processing expenses. Crude and diesel weakness reduces energy-driven support for biofuel-linked vegetable oil prices.
marketwatch.comMyra P. Saefong,William WattsMar 9, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
The roughly 13% one-day crash on March 9 from near 14-year highs drove much of the 5-day decline into March 14, reflecting profit-taking after the US import ban was priced in.
Brent and WTI fell more than 13% after the prior session's near 14-year high, which reversed the peak and drove the window's drop.
Documents the decline from a near 14-year high after the prior session's US ban on Russian imports, indicating profit-taking and a premium unwind.
Futures settled down over 13% from a near 14-year high, confirming the sharp reversal after the US import ban.
