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

> WTI crude entered a bear market and Brent fell below $60 after U.S. petroleum inventories rose about 22 million barrels, the largest weekly jump in data back to 1990. U.S. crude settled 22% below its April peak, and U.S. crude production hit a record while imports climbed.

- Date: 2019-06-04 · published 2019-06-04T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/11306-oil-sinks-into-bear-market-as-u-s-storage-jumps-most-since-1990-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A large inventory build signals oversupply and weaker near-term demand, pressuring crude and energy-linked prices. Bearish crude prices also lower diesel and biofuel input costs, which can weigh on soy oil and feedstock values.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-03 | [Oil Falls Below $90 for First Time Since War as Demand Slows - Bloomberg](https://feedsoft.ai/events/12800-oil-falls-below-90-for-first-time-since-war-as-demand-slows-bloomberg.md) | -4.1% | -4.5% |
| WTI | 2018-04-26 | [Citi Says U.S. May Become World's Top Oil Exporter Next Year - Bloomberg](https://feedsoft.ai/events/65668-citi-says-u-s-may-become-world-s-top-oil-exporter-next-year-bloomberg.md) | -0.1% | +5.6% |
| WTI | 2018-01-19 | [IEA Sees ‘Explosive’ Growth in U.S. Oil Output as Prices Rally - Bloomberg](https://feedsoft.ai/events/67147-iea-sees-explosive-growth-in-u-s-oil-output-as-prices-rally-bloomberg.md) | +2.5% | -3.9% |
| WTI | 2019-06-05 | [U.S. oil prices enter a bear market as weekly domestic crude supplies jump to a nearly 2-year high - MarketWatch](https://feedsoft.ai/events/11592-u-s-oil-prices-enter-a-bear-market-as-weekly-domestic-crude-supplies-jump-to-a.md) | -0.4% | +4.8% |
| WTI | 2017-03-08 | [Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg](https://feedsoft.ai/events/8362-oil-drops-below-50-for-first-time-since-december-on-supply-glut-bloomberg.md) | -10.3% | -3.5% |
| BRENT | 2018-04-26 | [Citi Says U.S. May Become World's Top Oil Exporter Next Year - Bloomberg](https://feedsoft.ai/events/65668-citi-says-u-s-may-become-world-s-top-oil-exporter-next-year-bloomberg.md) | -0.9% | +7.2% |
| BRENT | 2018-01-19 | [IEA Sees ‘Explosive’ Growth in U.S. Oil Output as Prices Rally - Bloomberg](https://feedsoft.ai/events/67147-iea-sees-explosive-growth-in-u-s-oil-output-as-prices-rally-bloomberg.md) | +2.0% | -8.4% |
| BRENT | 2017-03-08 | [Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg](https://feedsoft.ai/events/8362-oil-drops-below-50-for-first-time-since-december-on-supply-glut-bloomberg.md) | -9.1% | -3.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2019-06-04/oil-slides-as-rising-u-s-stockpiles-stoke-fears-of-supply-glut

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