# Oil Futures Deepen Losses Despite US Crude, Product Draws

> 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.

- Date: 2021-11-17 · published 2021-11-17T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/11831-oil-futures-deepen-losses-despite-us-crude-product-draws
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- CORN: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.6% | -3.7% |
| WTI | 2019-05-30 | [Oil falls to 2-month lows on small US crude stock draw, trade war worries \| Fox Business](https://feedsoft.ai/events/9889-oil-falls-to-2-month-lows-on-small-us-crude-stock-draw-trade-war-worries-fox.md) | -12.3% | +0.7% |
| WTI | 2018-08-13 | [OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ](https://feedsoft.ai/events/63443-opec-s-output-rose-in-july-despite-decline-in-saudi-oil-production-wsj.md) | -2.5% | -0.1% |
| WTI | 2025-06-10 | [Crude price fall to continue in 2025-26 as global production outpaces demand: US EIA](https://feedsoft.ai/events/24394-crude-price-fall-to-continue-in-2025-26-as-global-production-outpaces-demand-us.md) | +9.9% | +5.1% |
| WTI | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +3.4% | -2.3% |
| CORN | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | +0.5% | +2.7% |
| CORN | 2024-08-13 | [Despite lower production and inventory forecasts in the USDA report, wheat exchange prices fell](https://feedsoft.ai/events/28812-despite-lower-production-and-inventory-forecasts-in-the-usda-report-wheat.md) | -1.2% | +0.1% |
| CORN | 2020-06-11 | [USDA Releases June Crop Production, WASDE Reports](https://feedsoft.ai/events/52459-usda-releases-june-crop-production-wasde-reports.md) | +1.0% | +5.3% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2021/11/17/oil-futures-deepen-losses-despite-us

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