# October 2021 Market Letter - IASG

> Energy prices spiked in October as coal, European natural gas and WTI crude rose, with WTI hitting seven-year highs and palm oil reaching record highs. Fertilizer prices doubled or tripled after China and Russia restricted exports. Build Back Better draft includes biofuel incentives, including $1 billion for blender pumps and a biodiesel credit extension.

- Date: 2021-11-01 · published 2021-11-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7317-october-2021-market-letter-iasg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Urea](https://feedsoft.ai/c/UREA.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Higher energy prices lift biofuel margins and support vegetable oil demand, while fertilizer export curbs raise input costs and threaten future acreage and yields.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- CORN: bullish ▲
- UREA: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-30 | [Ingredients Market Report: November 2023 - Unicorn Ingredients](https://feedsoft.ai/events/33753-ingredients-market-report-november-2023-unicorn-ingredients.md) | -5.7% | -13.1% |
| WTI | 2021-01-07 | [Diesel market in 2021: Something closer to normalcy likely on tap - FreightWaves](https://feedsoft.ai/events/49327-diesel-market-in-2021-something-closer-to-normalcy-likely-on-tap-freightwaves.md) | +4.6% | +11.3% |
| WTI | 2021-06-17 | [Weekly Energy Market Situation, June 14, 2021 - Fuels Market News](https://feedsoft.ai/events/46792-weekly-energy-market-situation-june-14-2021-fuels-market-news.md) | +1.4% | -0.6% |
| WTI | 2017-09-23 | [Arab News \| Heating oil market looks tight this winter  oil market looks tight this winter](https://feedsoft.ai/events/69115-arab-news-heating-oil-market-looks-tight-this-winter-oil-market-looks-tight.md) | +2.4% | +2.3% |
| WTI | 2020-08-12 | [Daily Global Market Summary - 12 August 2020 \| S&P Global](https://feedsoft.ai/events/10686-daily-global-market-summary-12-august-2020-s-and-p-global.md) | +3.2% | -8.4% |
| SBO | 2016-12-02 | [Farming News - Oilseed Market Report: Rise in sterling bodes ill for exporters](https://feedsoft.ai/events/73557-farming-news-oilseed-market-report-rise-in-sterling-bodes-ill-for-exporters.md) | -1.6% | -8.6% |
| SBO | 2023-04-03 | [Palm posts biggest jump in two months after crude oil rally - Markets - Business Recorder](https://feedsoft.ai/events/36512-palm-posts-biggest-jump-in-two-months-after-crude-oil-rally-markets-business.md) | -2.4% | -7.0% |
| SBO | 2021-07-29 | [Valero sees favorable refining margins for 2021 as it hikes renewable diesel output \| S&P Global](https://feedsoft.ai/events/46038-valero-sees-favorable-refining-margins-for-2021-as-it-hikes-renewable-diesel.md) | -2.4% | -8.3% |

## Sources

- iasg.com: https://www.iasg.com/blog/2021/11/01/october-2021-market-letter

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.