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EIA data showed a 1.69 million barrel draw in U.S. commercial crude inventories, the first decline this year, with Cushing stocks also falling. Distillate stocks rose slightly to about 122 million barrels, the highest since January 2022.
Oil prices settled lower as the market focused on Fed Chair Powell's hawkish testimony.
Rate-driven dollar and energy sentiment outweighed the inventory draw, so crude's direction is set more by macro expectations than by supply. Lower crude values would reduce biofuel and freight cost support for feed ingredients.
think.ing.comWarren Patterson, Ewa MantheyMar 9, 2023Not enough comparable past events yet for a historical read.
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.
