Crude Oil’s Next Move? Clues from Soybean Oil

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Crude Oil’s Next Move? Clues from Soybean Oil

By Erik Norland, Senior Economist, CME Group

Highlights

  • Soybean oil prices tend to forerun WTI Crude Oil futures
  • Trend has been evident nearly every year since 2005 through peaks and troughs
  • Soybean oil’s lack of a sustained recovery may be a bearish signal for WTI
  • Options reflect upside risk for soybean oil and downside risk for WTI
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