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An Oxford Institute for Energy Studies report argues that demand growth has driven oil prices at least as much as OPEC and non-OPEC supply cuts. The report divides the past half-decade into four phases of OPEC strategy.
If demand is the main driver, crude prices remain sensitive to global economic growth, so energy costs for feed producers will track the pace of demand growth.
oilprice.comNick CunninghamApr 11, 2018After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
