Loading…
WTI crude fell from $52.58 on December 13 to $45.59 by December 21, its lowest settlements since July 2017, as fears of weaker demand growth grew. Non-OPEC supply growth projections exceed expected demand growth.
The OPEC and non-OPEC agreement on a 1.2 million b/d cut on December 7 did not halt the decline.
Sharp crude weakness lowers energy and fertilizer-linked costs and biofuel economics, pressuring vegetable oil and related feed prices over time.
freightwaves.comJohn KingstonDec 22, 2018After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% 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.
