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The IEA forecast in its November monthly report that the global oil market will move into a fourth-quarter supply surplus as Gulf exports recover. Brent closed at $96.08 on November 13 and WTI at $88.92, both still below their November 6 closes.
A forecast surplus and crude prices below early-November levels lower energy and transport costs, which can ease pressure on feed ingredient and grain freight prices.
goodman-macro.comGoodmanNov 14, 2026After 338 past bearish macro events, Crude Oil (Brent) moved a median -2.2% over 5 sessions (36% higher; middle half -5.2% to +1.9%), and -1.7% 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.
