Loading…
WTI futures fell below $79 a barrel on Nov. 17 despite EIA data showing a surprise 2.1 million barrel crude inventory draw to 433 million barrels, about 7% below the five-year average.
Gasoline stocks also drew more than expected, and refinery run rates rose to 87.9% of capacity. Cushing stocks rose 216,000 barrels.
The bullish inventory surprise was overwhelmed by broader selling, so the price signal is mixed; tight US stocks and high refinery runs support diesel and ethanol demand but do not yet change the global demand outlook.
dtnpf.comLiubov GeorgesNov 17, 2021After 171 past bearish report events, WTI moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
