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U.S. oil futures entered a bear market, with WTI July settling at $51.68 a barrel, down 3.4% and 22% below its April high. Weekly U.S. crude supplies rose almost 7 million barrels to their highest since July 2017.
A large inventory build signals weak near-term crude demand relative to supply, pressuring energy prices that feed into diesel and biofuel economics for feed-related commodities.
marketwatch.comMyra P. Saefong,Rachel Koning BealsJun 5, 2019After 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.
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.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
