Oil prices rise over 1% on outage in North Sea, expected OPEC supply cuts

After 22 past bullish logistics events, Crude Oil (Brent) moved a median -0.7% over 5 sessions (45% higher; middle half -5.7% to +4.5%), and -1.2% over 20.

• Dec 11, 2017Brent crude oil hits 2½-year high on Forties pipeline outage-0.2%
• Mar 29, 2022CPC pipeline outage forces Kazakhstan to cut oil output by a fifth | Reuters-5.0%
• May 8, 2019Products: Diesel Spikes on Unplanned Run Cuts | Energy Intelligence+2.1%
• Apr 25, 2019Brent Oil Hits $75 For First Time in 2019 as Russian Exports Cut-2.7%
• Mar 18, 2022Ocean Freight Rates Highest Since Nov. – AgFax - Supply Chain Council of European Union | Scceu.org+10.4%

After 26 past bullish logistics events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (58% higher; middle half -5.1% to +9.5%), and +2.0% over 20.

• Dec 12, 2022Oil up $2/bbl on supply risks amid ongoing Keystone outage+4.5%
• Dec 11, 2017Brent crude oil hits 2½-year high on Forties pipeline outage+0.1%
• Mar 29, 2022CPC pipeline outage forces Kazakhstan to cut oil output by a fifth | Reuters-3.5%
• Apr 25, 2019Brent Oil Hits $75 For First Time in 2019 as Russian Exports Cut-3.6%
• Mar 18, 2022Rates climbing for ocean, barge freight as war in Ukraine continues - Supply Chain Council of European Union | Scceu.org+10.3%