# Oil prices tank as US crude and fuel stockpiles jump

> WTI crude settled down 2.5 percent at $61.79 after EIA data showed a 1.9 million barrel crude stock build and record US output of 10.25 million barrels per day. Brent fell to $65.51, and both benchmarks were on track for their worst week since May 2017.

- Date: 2018-02-07 · published 2018-02-07T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Rising US supply and inventory builds weigh on energy prices, which lowers biofuel economics and the cost of inputs tied to energy. Softer crude tends to pressure soybean oil and corn-based ethanol margins.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- CORN: neutral
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2018-08-15 | [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 | 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% |
| WTI | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | -0.4% | +4.8% |
| WTI | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | -4.3% | -3.7% |
| 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 | 2018-08-15 | [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 | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | +0.3% | -0.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/02/07/oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.html

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