# Oil drops 3% to one-month low on weak U.S. gasoline demand

> Oil fell about 3% to a one-month low after EIA data showed a larger-than-expected drop in crude inventories but weaker US gasoline demand. Hurricane Laura disrupted output and refining in the Gulf Coast. Brent settled near $44.43 and WTI near $41.51.

- Date: 2020-09-02 · published 2020-09-02T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/10228-oil-drops-3-to-one-month-low-on-weak-u-s-gasoline-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Softer gasoline demand signals slower economic recovery and weaker fuel consumption, pressuring crude and energy-linked prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-09-02 | 1 | -6.6% | -3.4 | Dated 2020-09-02, it reports oil falling about 3% to a one-month low on weak US gasoline demand in EIA data, a demand-side driver that coincides with the move. |
| WTI | 2020-09-03 | 1 | -3.4% | -3.6 | It reports the prior day's drop on weak gasoline demand and Hurricane Laura disruptions, which set up the downtrend and confirm the demand weakness, but it is dated a day earlier than the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-03 | [Oil Plunges to Lowest Since February as US Gasoline Demand Drops](https://feedsoft.ai/events/12802-oil-plunges-to-lowest-since-february-as-us-gasoline-demand-drops.md) | -4.1% | -4.5% |
| WTI | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.7% | -8.8% |
| WTI | 2022-08-03 | [Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build](https://feedsoft.ai/events/12796-oil-falls-to-nearly-6-month-lows-after-surprise-u-s-crude-gasoline-build.md) | -4.1% | -4.5% |
| WTI | 2017-05-03 | [U.S. oil inventories dip, but gasoline builds amid weak demand: EIA By Reuters](https://feedsoft.ai/events/10016-u-s-oil-inventories-dip-but-gasoline-builds-amid-weak-demand-eia-by-reuters.md) | -3.8% | +1.4% |
| WTI | 2018-02-07 | [Oil hits one-month low after U.S. inventory build](https://feedsoft.ai/events/11359-oil-hits-one-month-low-after-u-s-inventory-build.md) | -6.6% | -3.7% |
| BRENT | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.8% | -6.0% |
| BRENT | 2017-05-03 | [U.S. oil inventories dip, but gasoline builds amid weak demand: EIA By Reuters](https://feedsoft.ai/events/10016-u-s-oil-inventories-dip-but-gasoline-builds-amid-weak-demand-eia-by-reuters.md) | -4.0% | +2.7% |
| BRENT | 2018-02-07 | [Oil hits one-month low after U.S. inventory build](https://feedsoft.ai/events/11359-oil-hits-one-month-low-after-u-s-inventory-build.md) | -6.7% | -1.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/09/02/oil-markets-us-crude-stockpiles.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.