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OPEC's production cuts from late 2016 lifted crude from about $35 to about $64 per barrel. ULSD futures traded near $2.05 by mid-January, roughly 35 cents above the start of 2017.
Cold in the Northeast and Midwest also boosted heating oil demand.
Producer-led supply restraint and seasonal heating demand keep crude and diesel firm, raising fuel and fertilizer input costs. US shale response may cap gains over time.
agproud.comCassidy WoolseyJan 26, 2018After 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.
After 105 past bullish macro events, ULSD / Diesel moved a median -0.4% over 5 sessions (45% higher; middle half -3.4% to +1.8%), and +1.2% 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.
