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Crude futures ended November 2021 with their biggest monthly declines since the start of the pandemic. The drop followed the emergence of the Omicron variant and expectations that strategic reserve releases would add supply.
Monthly losses reflect a shift from tight supply toward expected surplus, which lowers energy input costs. The move is largely a routine recap of prices already falling on known causes.
reuters.comStephanie KellyNov 30, 2021Not 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.
November ended with the biggest monthly fall since the pandemic began, reflecting Omicron fears and expected reserve-release supply.
Record monthly decline and expectations of added supply from reserve releases framed the selling through month-end.
