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OPEC and non-OPEC producers meeting in Kuwait agreed to review whether to extend their global output cut by six months, but the final statement dropped an earlier draft's recommendation for an extension. The committee instead asked for a technical review and a decision in April 2017.
Removing the explicit extension recommendation raises the risk the 1.8 mbd cut lapses in June, which would add supply and pressure crude prices, and by extension vegetable oil and biofuel-linked feedstock values.
hydrocarbonprocessing.comMar 27, 2017After 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 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 196 past neutral policy events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.6% to +2.0%), and -0.5% over 20.
After 513 past neutral policy events, Palm Oil moved a median 0.0% over 5 sessions (50% higher; middle half -1.6% to +1.4%), and -0.1% 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.
