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Crude oil stockpiles are expected to fall significantly in the third quarter, according to a Reuters piece on milestones toward rebalancing the oil market. OPEC and non-OPEC countries are committed to cutting production by about 1.8 million barrels per day in the first half of the year.
Expected stock draws tighten the crude balance and support prices, which matters for energy input costs in feed and ethanol-linked markets.
reuters.comJohn KempFeb 14, 2017After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
