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An American Petroleum Institute report showed U.S. crude inventories fell by 11.2 million barrels in the latest week, roughly triple the Bloomberg survey estimate. Oil futures rose from a three-year high after the report.
A draw this large, the biggest for the time of year since 1999 if confirmed, points to tighter U.S. crude supply and supports energy input costs for feed and livestock operations.
bloomberg.comJessica SummersJan 9, 2018After 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.
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.
