# The Commodities Feed: First US crude draw this year | articles | ING THINK

> 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.

- Date: 2023-03-09 · published 2023-03-09T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/36820-the-commodities-feed-first-us-crude-draw-this-year-articles-ing-think
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼

## Sources

- think.ing.com: https://think.ing.com/articles/the-commodities-feed-first-us-crude-draw-this-year090323/

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