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A CME Group analysis says WTI crude has traded in a $42 to $55 per barrel range since September 2016. It projects a near-term range of $48 to $62 and a long-term drift lower of $10 to $15 per barrel.
The analysis cites US shale output above 9 million bpd as the main long-term downward force.
Expected range-bound crude with a long-term downward bias suggests limited sustained pressure on diesel and freight costs for feed buyers, although OPEC cuts could push prices toward the top of the range.
cmegroup.comOct 26, 2017Not 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.
