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WTI dipped below $44 a barrel on June 27 to its lowest level in more than seven months. Libyan output topped 900,000 bpd, and US rig counts rose for 22 consecutive weeks to 747 by mid-June.
Hedge funds cut bullish crude futures bets sharply.
Rising Libyan and US shale output combined with weak fund positioning point to continued pressure on crude. Lower energy prices reduce biofuel and freight costs but weaken ethanol margins that support corn and DDGS demand.
nai500.comJun 27, 2017Not enough comparable past events yet for a historical read.
Not 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.
