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US crude futures settled up 23 cents at $64.73 after a Energy Department report showed an unexpected 6.8 million barrel crude inventory build. Gasoline and distillate demand was strong, and OPEC countries reportedly maintained heavy output cuts in January.
A surprise inventory build caps near-term crude gains, but robust distillate demand and OPEC compliance keep energy costs firm for feed and freight.
zeebiz.comReutersJan 31, 2018After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% over 20.
After 109 past bullish report events, ULSD / Diesel moved a median +0.2% over 5 sessions (51% higher; middle half -3.3% to +3.9%), and +0.3% 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.
