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US oil stockpiles rose more than forecast, and distillate inventories built to their highest level since September 2021. Ultra-low sulfur diesel stocks rose about 7.2 million barrels to 124.3 million barrels.
Large crude and distillate builds weigh on WTI and diesel prices, which lowers fuel and freight costs for feed supply chains.
reuters.comScott DisavinoJan 10, 2024After 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.
