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Oil prices posted the largest weekly drop since the early pandemic, losing nearly $6 a barrel, or almost 10%. The decline was concentrated on Thursday and extended a five-session losing streak.
The week's drivers included a surprise EIA inventory build for fuels and renewed concerns about AstraZeneca vaccine rollouts.
Lower crude and diesel prices reduce energy and freight costs for feed production, and they can weigh on biofuel-linked feedstock values. Weak fuel demand signals from the inventory data point to softer energy prices.
mansfield.energyAlan ApthorpMar 19, 2021Not enough comparable past events yet for a historical read.
Not 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.
Notes the Thursday concentration of the decline, a surprise EIA fuel inventory build and AstraZeneca vaccine concerns.
