# Oil sinks as US crude stockpiles unexpectedly surge

> Oil futures fell 3.4% to $51.68 a barrel, the lowest close since January, after an unexpected 6.8 million barrel rise in US commercial crude stocks. Crude imports rose by more than 1 million barrels per day, and analysts had expected a drawdown. Brent also fell to its lowest level since mid-January.

- Date: 2019-06-05 · published 2019-06-05T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A large inventory build points to weaker energy demand and pressures fuel-linked costs, including biofuel and freight economics. Lower crude can also reduce demand for soybean oil as a biofuel feedstock.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-08-15 | [Oil prices sink after big, unexpected jump in US crude stockpiles](https://feedsoft.ai/events/63706-oil-prices-sink-after-big-unexpected-jump-in-us-crude-stockpiles.md) | +0.4% | +5.0% |
| WTI | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -6.4% | -14.5% |
| WTI | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.6% | -3.7% |
| WTI | 2023-07-26 | [Oil falls 1% after Fed rate hike, smaller-than-expected US crude stockdraw](https://feedsoft.ai/events/34960-oil-falls-1-after-fed-rate-hike-smaller-than-expected-us-crude-stockdraw.md) | +2.1% | +0.7% |
| WTI | 2022-07-13 | [U.S. crude, fuel stockpiles rise as demand slackens - EIA](https://feedsoft.ai/events/40646-u-s-crude-fuel-stockpiles-rise-as-demand-slackens-eia.md) | +8.7% | -4.9% |
| BRENT | 2018-08-15 | [Oil prices sink after big, unexpected jump in US crude stockpiles](https://feedsoft.ai/events/63706-oil-prices-sink-after-big-unexpected-jump-in-us-crude-stockpiles.md) | +0.7% | +9.8% |
| BRENT | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -3.5% | -14.1% |
| BRENT | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.7% | -1.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/06/05/oil-markets-us-crude-inventories-rosneft-comments-in-focus.html

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