# Oil Dragged Down by Swelling U.S. Stockpiles and Trade Tensions - Bloomberg

> Oil futures in New York fell 2.7% on Wednesday, the biggest drop since May 2. The US Energy Department reported weekly crude inventories at their highest level since July 2017, with gasoline stocks also rising faster than expected. Refinery utilization fell to its lowest seasonally adjusted level in five years.

- Date: 2019-05-21 · published 2019-05-21T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/6605-oil-dragged-down-by-swelling-u-s-stockpiles-and-trade-tensions-bloomberg
- 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 US inventory build signals weaker near-term crude demand and pressures energy prices. Lower energy prices reduce costs for biofuel and ethanol production, which affects corn and soybean oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-05-22 | 1 | -3.0% | -3.9 | US crude inventories hit their highest since July 2017 and refinery utilization was weak, so futures posted their biggest drop since May 2 (a supply glut and weak demand signal). |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-05-22 | [Oil loses about 2% on swelling US stockpiles, demand worries \| Fox Business](https://feedsoft.ai/events/6607-oil-loses-about-2-on-swelling-us-stockpiles-demand-worries-fox-business.md) | -6.4% | -14.5% |
| WTI | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.6% | -3.7% |
| WTI | 2021-03-18 | [Oil Markets: U.S. stockpile build, demand worries](https://feedsoft.ai/events/6201-oil-markets-u-s-stockpile-build-demand-worries.md) | -5.3% | -1.8% |
| WTI | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -6.4% | -14.5% |
| WTI | 2022-07-13 | [U.S. crude, fuel stockpiles rise as demand slackens - EIA](https://feedsoft.ai/events/40646-u-s-crude-fuel-stockpiles-rise-as-demand-slackens-eia.md) | +8.7% | -4.9% |
| BRENT | 2019-05-22 | [Oil loses about 2% on swelling US stockpiles, demand worries \| Fox Business](https://feedsoft.ai/events/6607-oil-loses-about-2-on-swelling-us-stockpiles-demand-worries-fox-business.md) | -3.5% | -14.1% |
| BRENT | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.7% | -1.6% |
| BRENT | 2021-03-18 | [Oil Markets: U.S. stockpile build, demand worries](https://feedsoft.ai/events/6201-oil-markets-u-s-stockpile-build-demand-worries.md) | -5.6% | -2.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2019-05-21/oil-loses-steam-as-trade-war-stokes-concern-on-demand-outlook

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