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Diesel hit $2.53 per gallon in the week, the highest of 2016 and the fourth straight weekly increase. Analysts expect prices could reach about $2.75 next year as OPEC's production cut lifts crude from $45.23 on November 29 to $52.83 on December 23.
Higher diesel and crude raise farm input and freight costs for feed buyers, and analysts expect the energy rally to support commodity prices broadly.
grainews.caGFM Network NewsDec 28, 2016After 105 past bullish macro events, ULSD / Diesel moved a median -0.4% over 5 sessions (45% higher; middle half -3.4% to +1.8%), and +1.2% over 20.
After 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.
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.
