# Oil Plunges to Lowest Since February as US Gasoline Demand Drops

> WTI fell 4% to settle at $90.66 a barrel, its lowest since early February. A government report showed crude stockpiles rising by more than 4 million barrels while US gasoline demand dropped.

- Date: 2022-08-03 · published 2022-08-03T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/12802-oil-plunges-to-lowest-since-february-as-us-gasoline-demand-drops
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A bearish inventory build and weaker gasoline demand point to looser US supply and demand balances, pressuring crude and energy costs for feed operations.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-09-02 | [Oil drops 3% to one-month low on weak U.S. gasoline demand](https://feedsoft.ai/events/10228-oil-drops-3-to-one-month-low-on-weak-u-s-gasoline-demand.md) | -11.0% | -6.2% |
| WTI | 2017-03-09 | [Oil Drops to Lowest Since OPEC Deal, U.S. Crude Below $50/bbl \| Fox Business](https://feedsoft.ai/events/8367-oil-drops-to-lowest-since-opec-deal-u-s-crude-below-50-bbl-fox-business.md) | -2.9% | +2.3% |
| WTI | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.7% | -8.8% |
| 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 | 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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-08-03/oil-edges-lower-as-traders-await-opec-decision-on-production?sref=myRR7Fyj

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