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U.S. crude inventories rose 3.3 million barrels in the week to July 8 to 423.8 million barrels, against analysts' expectations of a drop. Strategic Petroleum Reserve stocks fell nearly 7 million barrels.
Bigger-than-expected crude stockpiles signal softer demand and are bearish for crude, which feeds through to diesel and biofuel feedstock prices. The SPR drawdown adds supply but is a routine data release.
reuters.comDavid GaffenJul 13, 2022After 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.
