Oil surges after data shows steep drop in US crude inventories

After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.

• Jan 9, 2018Oil Jumps as Industry Data Shows U.S. Crude Stock Monster Draw - Bloomberg+3.3%
• Sep 28, 2022Oil prices rise on surprise drop in U.S. crude, fuel stocks+10.1%
• Jun 27, 2018U.S. oil hits 3.5-year high after inventory draw+0.7%
• Jul 21, 2021Oil climbs over 4% despite rise in U.S. inventories | Reuters+6.4%
• Oct 24, 2018U.S. oil prices up after sharp drop in fuel stocks | Reuters-0.4%

After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.

• Sep 28, 2022Oil prices rise on surprise drop in U.S. crude, fuel stocks+7.7%
• Jun 27, 2018U.S. oil hits 3.5-year high after inventory draw+2.5%
• Jul 21, 2021Oil climbs over 4% despite rise in U.S. inventories | Reuters+7.2%
• Oct 28, 2026US crude and distillate inventories fall, gasoline stocks rise, EIA says By Reuters-4.7%
• Nov 30, 2022OPEC oil output drops in November after cut pledged -survey | Reuters-4.2%