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OPEC raised its 2018 forecast for supply growth from non-OPEC producers to 1.4 million barrels per day, up 250,000 bpd from its prior estimate. The increase is driven largely by US crude output.
Faster non-OPEC supply growth adds to global barrels and weighs on crude prices, which feed into diesel and freight costs for feed producers.
usatoday.comTom DiChristopherFeb 12, 2018After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
