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Oil, gasoline and diesel posted their biggest declines since late July on diplomacy signals and reports of U.S.-brokered Russia-Ukraine talks. Brent settled at $104.77 and WTI at $96.46 on Monday, and physical premiums for Oman, Dubai and Dated Brent fell to their weakest in about 3.5 months.
Physical cargoes are getting cheaper relative to benchmarks, pointing to a real supply increase.
Weakening physical premiums signal more barrels in the market, which tends to keep energy costs lower for fertilizer, freight and biofuel feedstocks. This eases input cost pressure on feed ingredients if the trend holds.
investing.comPhil FlynnNov 3, 2026After 312 past bearish macro events, BRENT moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 565 past bearish macro events, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 79 past bearish macro events, DIESEL moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% over 20.
After 59 past bearish macro events, NATGAS moved a median +1.3% over 5 sessions (58% higher; middle half -5.0% to +5.2%), and -2.0% 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.
