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WTI crude settled at $45.59 on Friday, roughly unchanged from the prior week's close after a volatile week that included a Christmas Eve drop of nearly $3, a rise of over $3.50 the next day and another fall of more than $1.50. ULSD futures fell about 7 cents over the week to $1.6647.
Analysts, led by Goldman Sachs and Philip Verleger, pointed to trader selling tied to hedging as a driver of the swings.
Lower crude and diesel futures reduce fuel costs for feed transport and processing, while the OPEC+ cut of 1.2 million b/d does not take effect until January, leaving the price path uncertain. Feed buyers face lower energy input costs but volatile pricing.
freightwaves.comJohn KingstonDec 29, 2018Not 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.
