# Commodity weekly | Saxo

> Saxo's weekly commodity review says Covid-19 lockdowns have cut oil demand by an estimated 25 million barrels per day. Storage concerns pushed a late-week rally on hopes of an emergency production cut among OPEC and non-OPEC producers. Sugar and corn fell with oil through the biofuel link, while wheat gained on hoarding of staples.

- Date: 2020-03-20 · published 2020-03-20T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7426-commodity-weekly-saxo
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Crude's slump weakens the ethanol and biofuel link that supports corn and sugar, while a possible production cut would be the main upside risk to energy and oil-linked feed-cost sentiment.

## Read by commodity

- WTI: bearish ▼
- CORN: bearish ▼
- BRENT: bearish ▼
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-20 | 1 | -15.5% | -3.6 | Lockdowns cut oil demand by an estimated 25 million barrels per day, and storage concerns weighed on prices despite hopes of an emergency production cut. |
| CORN | 2020-03-23 | 1 | -2.1% | -3.1 | Collapsing oil demand and falling crude dragged corn lower through the biofuel link, adding to selling pressure. |
| BRENT | 2020-03-19 | 5 | -23.0% | -4.5 | Weekly review quantifies a lockdown-driven 25 mb/d demand loss and storage concerns, explaining the week's slide, though it also notes a late rally. |
| WTI | 2020-03-18 | 5 | -30.6% | -6.5 | Estimates lockdowns cut oil demand by about 25 million bpd, a demand-side driver of the price collapse. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-28 | [Commodity weekly Gold shines as the clouds darken \| Saxo](https://feedsoft.ai/events/54506-commodity-weekly-gold-shines-as-the-clouds-darken-saxo.md) | -2.6% | -61.0% |
| WTI | 2023-04-21 | [Commodity Weekly: April losses led by grains and industrial metals \| Saxo](https://feedsoft.ai/events/10364-commodity-weekly-april-losses-led-by-grains-and-industrial-metals-saxo.md) | -3.2% | -7.0% |
| WTI | 2019-08-21 | [Weekly Pricing Pulse: Recession worries undercut commodity prices](https://feedsoft.ai/events/57752-weekly-pricing-pulse-recession-worries-undercut-commodity-prices.md) | -2.2% | +5.4% |
| WTI | 2025-02-19 | [Weekly Commodity Market Update \| Knox County Agricultural News](https://feedsoft.ai/events/26112-weekly-commodity-market-update-knox-county-agricultural-news.md) | -4.2% | -6.7% |
| WTI | 2022-07-07 | [The recent commodity sell-off](https://feedsoft.ai/events/5055-the-recent-commodity-sell-off.md) | -2.0% | -7.4% |
| BRENT | 2020-02-28 | [Commodity weekly Gold shines as the clouds darken \| Saxo](https://feedsoft.ai/events/54506-commodity-weekly-gold-shines-as-the-clouds-darken-saxo.md) | -3.0% | -52.3% |
| BRENT | 2025-04-04 | [Commodities weekly: Tariff-led recession pain triggers sharp reversal \| Saxo Bank Switzerland](https://feedsoft.ai/events/25046-commodities-weekly-tariff-led-recession-pain-triggers-sharp-reversal-saxo-bank.md) | -9.8% | -13.9% |
| BRENT | 2021-06-21 | [Commodity Prices Dip As Dollar Surges \| OilPrice.com](https://feedsoft.ai/events/46491-commodity-prices-dip-as-dollar-surges-oilprice-com.md) | +4.1% | +1.0% |

## Sources

- home.saxo: https://www.home.saxo/content/articles/commodities/commodity-weekly-03042020

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