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Oil futures fell to their lowest settlement since June as WTI for October delivery dropped 7.6% to $36.76 a barrel and November Brent lost 5.3% to $39.78. Worries about crude demand from rising global coronavirus cases, the end of the U.S. summer driving season, and a report that Saudi Arabia will cut October prices weighed on the market.
Weaker crude demand and lower Saudi official prices reduce the energy-cost floor and feed-substitution economics, pointing to softer prices across energy-linked feed inputs. The move reflects demand destruction rather than supply tightness.
marketwatch.comMyra P. Saefong, William WattsSep 8, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Describes the Sept 8 settlement itself, with Brent down 5.3% to $39.78 on demand worries, the end of the US driving season and the Saudi price cut.
Crude futures fell sharply on 2020-09-08 (WTI -7.6%, Brent -5.3%) on demand worries and an expected Saudi price cut, directly dragging ULSD futures lower the same day.
