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The EIA reported that US crude stockpiles fell by 930,000 barrels in the week to April 28, far less than the 2.3 million-barrel draw analysts expected. Gasoline inventories rose by 191,000 barrels, below a Reuters poll forecast of a 1.3 million-barrel gain, amid weak demand.
US crude production rose to 9.29 million barrels per day, its highest since August 2015.
A smaller-than-expected crude draw and rising US output pressure crude prices, which lowers the cost of fuel and biofuel feedstocks. Weak gasoline demand also points to softer refinery margins.
investing.comMay 3, 2017After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
