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Crude futures fell 3.4% in New York on Thursday and were on track for their worst weekly loss since 2014 as coronavirus spread outside China. Prices sank as much as 10% since the previous Friday, driving the market into a sharp selloff.
A sustained risk-off move in crude driven by pandemic fears signals weaker expected global demand, which lowers energy costs and can reduce support for biofuel-linked feedstock prices.
bloomberg.comJackie DavalosFeb 26, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
Crude sank on coronavirus spread outside China, with the worst weekly loss since 2014 and a sharp selloff, capturing the sentiment and demand-driven mechanism.
Crude fell further as coronavirus spread outside China, heading for its worst weekly loss since 2014.
