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NYMEX January WTI settled at $66.18/b, down $3.77, and ICE January Brent fell $2.87 to $70.57/b, both at their lowest since August 23. The selloff followed Moderna's CEO saying current COVID-19 vaccines may be less effective against the omicron variant, and the WHO had classed omicron as a high global risk.
Prompt-dated futures weakened sharply, narrowing backwardation.
Fears of renewed lockdowns and travel restrictions cut expected near-term crude demand, which lowers energy costs and weighs on diesel and other fuel-linked input prices for feed mills and transport.
oilnow.gyDec 1, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), 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.
WTI fell $3.77 to $66.18 on Nov 30 as Moderna's vaccine-efficacy comments and the WHO's high-risk rating deepened the selloff, a lowest since August.
On Nov 30 Brent fell $2.87 to a three-month low after vaccine-efficacy doubts, extending the decline within the window.
Oil fell to three-month lows on Dec 1 as vaccine-efficacy worries grew, extending the selloff within the window.
