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Oil markets plunged after OPEC talks with Russia collapsed, and Saudi Arabia signaled a price war. Saudi Arabia planned to raise output above 10 million b/d and cut its official selling differential by $6/b, believed to be the largest cut ever.
Analysts noted oil demand was falling because of the coronavirus slowdown.
Saudi output expansion and price cuts into a demand slump point to sharply lower crude and diesel prices. Cheaper diesel lowers trucking and farm fuel costs, though the price war adds volatility to energy-linked feed input costs.
freightwaves.comJohn Kingston9 mrt 2020Na 255 eerdere neerwaarts geopolitiek-gebeurtenissen bewoog Ruwe olie (WTI) zich mediaan -2,4% over 5 sessies (31% hoger; middelste helft -7,0% tot +1,7%), en -5,0% over 20.
Na 250 eerdere neerwaarts geopolitiek-gebeurtenissen bewoog Ruwe olie (Brent) zich mediaan -3,1% over 5 sessies (36% hoger; middelste helft -7,9% tot +1,6%), en -5,5% over 20.
Na 51 eerdere neerwaarts geopolitiek-gebeurtenissen bewoog ULSD / Diesel zich mediaan -2,4% over 5 sessies (37% hoger; middelste helft -8,2% tot +3,9%), en -2,3% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
Saudi Arabia planned output above 10 million b/d and the largest-ever cut to official selling differentials, a supply surge against falling demand.
Describes Saudi plans to raise output above 10 million b/d and make record cuts to selling prices, plus weak coronavirus-hit demand, which directly pressures diesel prices; dated a day after the move.
It describes the Saudi plan to raise output above 10 million b/d and make a record cut to its selling differential, a supply factor behind the plunge, alongside weak coronavirus-hit demand.
