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WTI crude settled 7.5% lower at $66.42 a barrel, its worst day since September 2020, after OPEC+ agreed to add 400,000 barrels per day monthly from August. Delta-driven Covid concerns also weighed, and Brent slipped 6.75%.
A monthly OPEC+ supply increase through September 2022 signals a larger future crude supply, pressuring energy prices and reducing the appeal of biofuel feedstocks.
cnbc.comPippa StevensJul 19, 2021After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% 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.
Describes the July 19 selloff with Brent down 6.75%, driven by OPEC+ adding 400k bpd monthly from August (supply) and Covid concerns (demand).
WTI settled 7.5% lower on July 19 after the OPEC+ supply boost and Delta-driven demand fears, which accounts for most of the 5-day decline.
WTI fell 7.5% and Brent 6.75% on the OPEC+ 400k bpd monthly supply addition plus Covid concerns, a supply-and-demand sentiment shock driving the move.
