Oil Sinks Into Bear Market as U.S. Storage Jumps Most Since 1990

After 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.

• Aug 3, 2022Oil Falls Below $90 for First Time Since War as Demand Slows - Bloomberg-4.1%
• Jan 19, 2018IEA Sees ‘Explosive’ Growth in U.S. Oil Output as Prices Rally - Bloomberg+2.5%
• Apr 26, 2018Citi Says U.S. May Become World's Top Oil Exporter Next Year - Bloomberg-0.1%
• Jun 5, 2019U.S. oil prices enter a bear market as weekly domestic crude supplies jump to a nearly 2-year high - MarketWatch-0.4%
• Mar 8, 2017Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg-10.3%

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.

• Apr 26, 2018Citi Says U.S. May Become World's Top Oil Exporter Next Year - Bloomberg-0.9%
• Jan 19, 2018IEA Sees ‘Explosive’ Growth in U.S. Oil Output as Prices Rally - Bloomberg+2.0%
• Mar 8, 2017Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg-9.1%
• May 21, 2019Oil Dragged Down by Swelling U.S. Stockpiles and Trade Tensions - Bloomberg-3.4%
• Nov 14, 2022OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg-8.2%

After 86 past bearish report events, ULSD / Diesel moved a median -0.9% over 5 sessions (37% higher; middle half -4.3% to +0.9%), and +0.4% over 20.

• Jun 5, 2019U.S. oil prices enter a bear market as weekly domestic crude supplies jump to a nearly 2-year high - MarketWatch-0.2%
• Jun 3, 2019Diesel Drops 1.5¢ to $3.136; Oil Close to Bear Market Price - TT-0.9%
• Feb 7, 2018Oil hits one-month low after U.S. inventory build-7.6%
• Feb 24, 2023U.S. crude oil inventories rose as utilization drops+6.1%
• Mar 25, 2026U.S. diesel futures hold losses, down 8.1%, after EIA storage report | MarketScreener-0.9%