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Petroleum futures fell Monday as geopolitical tensions eased and talks between the U.S. and Iran progressed, with ULSD down more than 15 cents and WTI trading near $62 after a $3 loss. Natural gas also dropped about $1/MMBtu as some curtailments were lifted, and selling spread across commodities including agriculture.
Lower crude and energy prices reduce input costs for biofuels and fertilizer and weaken the energy-linked support for soybean oil and corn. Broad commodity selling suggests softer prices for feed ingredients near term.
moomoo.comDow JonesFeb 2, 2026After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% over 20.
After 15 past bearish geopolitics events, Natural Gas moved a median -1.1% over 5 sessions (40% higher; middle half -9.2% to +2.4%), and +4.7% 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.
Petroleum futures fell as US-Iran talks progressed and tensions cooled, with selling spreading across commodities.
Reports of natural gas falling about $1/MMBtu on 2026-02-02 as curtailments were lifted point to a supply-side recovery, with easing geopolitical tension adding to broad commodity selling.
