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An analyst at The Price Futures Group said U.S. oil stocks were about 5% below the five-year average and urged farmers to stock up on diesel before winter. Brent closed at $72.16 and WTI at $62.52 on November 5, both more than 15% below early-October four-year highs.
Reports say China is ordering western provinces to boost diesel and heating fuel purchases, and Russia is considering export duties on oil.
Tight global distillate supplies and a possible cold winter could push diesel prices up sharply from current levels. Higher diesel raises farm fuel and freight costs for feed buyers.
producer.comAshley Robinson, Commodity News Service CanadaNov 6, 2018Not 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.
