# Oil surges after data shows steep drop in US crude inventories

> Oil surged after the American Petroleum Institute reported a steep drop in US crude stockpiles, more than double the decline forecast. WTI for October delivery rose as much as $1.18 to $67.02 a barrel, and Brent climbed to about $73.93. Prices were also helped by a weaker dollar.

- Date: 2018-08-22 · published 2018-08-22T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/63703-oil-surges-after-data-shows-steep-drop-in-us-crude-inventories
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A larger-than-expected inventory draw signals tighter US crude supply, which lifts energy costs for fuel and biofuel production. The effect on feed prices is indirect and mostly short-lived.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-01-09 | [Oil Jumps as Industry Data Shows U.S. Crude Stock Monster Draw - Bloomberg](https://feedsoft.ai/events/67152-oil-jumps-as-industry-data-shows-u-s-crude-stock-monster-draw-bloomberg.md) | +3.3% | +2.8% |
| WTI | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +10.1% | +9.3% |
| WTI | 2018-06-27 | [U.S. oil hits 3.5-year high after inventory draw](https://feedsoft.ai/events/8784-u-s-oil-hits-3-5-year-high-after-inventory-draw.md) | +0.7% | -4.2% |
| WTI | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +6.4% | -1.2% |
| WTI | 2018-10-24 | [U.S. oil prices up after sharp drop in fuel stocks \| Reuters](https://feedsoft.ai/events/12172-u-s-oil-prices-up-after-sharp-drop-in-fuel-stocks-reuters.md) | -0.4% | -19.7% |
| BRENT | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +7.7% | +7.6% |
| BRENT | 2018-06-27 | [U.S. oil hits 3.5-year high after inventory draw](https://feedsoft.ai/events/8784-u-s-oil-hits-3-5-year-high-after-inventory-draw.md) | +2.5% | -1.9% |
| BRENT | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +7.2% | -0.7% |

## Sources

- gulfnews.com: https://gulfnews.com/business/energy/oil-surges-after-data-shows-steep-drop-in-us-crude-inventories-1.2269618

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