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Oil futures settled at a six-week high above $50 a barrel after OPEC's production-cut deal, with Brent logging its best finish since August 2015. Natural gas settled at a two-year high after a weekly drop in US supplies matched market expectations.
Some traders doubted OPEC members would stick to the deal when it takes effect in the new year.
The OPEC cut supports crude and diesel prices, while the natural gas rally raises fuel and drying costs for feed processors.
marketwatch.comMyra P. Saefong,Jenny W. Hsu ,Sarah McFarlaneDec 1, 2016After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 13 past bullish policy events, Natural Gas moved a median -1.7% over 5 sessions (46% higher; middle half -2.4% to +4.5%), and +5.3% 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.
