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Oil prices dipped on Russia-Ukraine talks and U.S. inventory data. The IEA warned that about 3 mb/d of Russian oil and products may not reach the market from April, though demand would also fall.
Potential loss of Russian barrels supports energy prices, while talks offset some of that supply concern and keep crude and diesel costs volatile for feed buyers.
reuters.comDavid GaffenMar 16, 2022After 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 327 past geopolitics events, ULSD / Diesel moved a median +1.0% over 5 sessions (54% higher; middle half -3.9% to +7.5%), and +0.4% 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.
