# Crude Inventory Draw Offers Sliver Of Hope For Oil Markets

> The EIA reported a 2.5-million-barrel draw in US crude inventories, with total crude stocks at 509.1 million barrels and refinery utilization at 94%. The API had earlier reported a 2.72-million-barrel crude draw. WTI traded near $43.62 after hitting its lowest settlement since August.

- Date: 2017-07-01 · published 2017-07-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/70661-crude-inventory-draw-offers-sliver-of-hope-for-oil-markets
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Inventory draws offer modest support, but record global floating storage and rising output keep the bearish trend intact. Lower crude prices weigh on biofuel economics and freight-related costs for feed buyers.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-10-25 | [US crude stocks rise as fuel inventories draw down](https://feedsoft.ai/events/12177-us-crude-stocks-rise-as-fuel-inventories-draw-down.md) | -2.0% | -18.3% |
| WTI | 2024-12-12 | [Oil settles flat; markets weigh IEA surplus forecast, rate cut optimism \| Reuters](https://feedsoft.ai/events/27118-oil-settles-flat-markets-weigh-iea-surplus-forecast-rate-cut-optimism-reuters.md) | +0.4% | +9.3% |
| WTI | 2024-01-03 | [OPEC’s Crude Oil Output Steady in December Before New Supply Cuts - Bloomberg](https://feedsoft.ai/events/32039-opec-s-crude-oil-output-steady-in-december-before-new-supply-cuts-bloomberg.md) | +2.6% | +7.9% |
| WTI | 2022-03-31 | [Statement about Oil Market Report data - IEA](https://feedsoft.ai/events/42181-statement-about-oil-market-report-data-iea.md) | -10.6% | -2.2% |
| WTI | 2018-12-12 | [Oil Market Report - December 2018 - IEA](https://feedsoft.ai/events/8519-oil-market-report-december-2018-iea.md) | -10.6% | +1.6% |
| BRENT | 2024-12-12 | [Oil settles flat; markets weigh IEA surplus forecast, rate cut optimism \| Reuters](https://feedsoft.ai/events/27118-oil-settles-flat-markets-weigh-iea-surplus-forecast-rate-cut-optimism-reuters.md) | +0.0% | +7.9% |
| BRENT | 2024-01-03 | [OPEC’s Crude Oil Output Steady in December Before New Supply Cuts - Bloomberg](https://feedsoft.ai/events/32039-opec-s-crude-oil-output-steady-in-december-before-new-supply-cuts-bloomberg.md) | +2.3% | +9.8% |
| BRENT | 2022-03-31 | [Statement about Oil Market Report data - IEA](https://feedsoft.ai/events/42181-statement-about-oil-market-report-data-iea.md) | -11.9% | -6.8% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Crude-Oil/Crude-Inventory-Draw-Offers-Sliver-Of-Hope-For-Oil-Markets.html

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