Loading…
An OANDA analyst says OPEC supply rebalancing remains the main focus ahead of the June 22 OPEC meeting in Vienna, with the market expecting an increase but debating its size. Iran remains a wildcard, as risk premiums have eased but not disappeared.
A possible Iranian exit from the nuclear deal could push prices much higher.
The size of the OPEC increase at the June meeting will determine whether crude prices soften or stay elevated, which affects energy costs in biofuel and feed supply chains. Iranian risk keeps upside risk to crude in place.
today.azMay 31, 2018After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
