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Reuters explains that US gasoline prices have risen sharply, with the regular retail average at $3.40 per gallon, up about 61% from a year earlier. The White House announced plans to release millions of barrels from strategic reserves in coordination with other nations to lower costs.
The reserve release and political pressure to lower fuel prices could weigh on crude and diesel, lowering fuel and freight costs for feed buyers, though the effect on grain and meal prices is indirect.
reuters.comLaura SanicolaNov 24, 2021After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 21 past bearish policy events, ULSD / Diesel moved a median -2.4% over 5 sessions (38% higher; middle half -6.5% to +4.7%), and -1.1% 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.
