CORRECTED-UPDATE 1-Oil drops on rising US crude inventories, defies expected supply cut extension

After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.

• Feb 24, 2023U.S. crude oil inventories rose as utilization drops+3.7%
• Apr 15, 2020Oil drops on record inventory build, supply concerns-32.0%
• Nov 22, 2018Oil falls on rising U.S. inventories, OPEC talk of cut limits loss-5.6%
• Mar 6, 2019EIA: US crude inventories climb 7.1 million bbl+0.6%
• Oct 30, 2019Oil prices extend fall after surprise inventory build(Update) | The Star+3.1%

After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.

• Apr 15, 2020Oil drops on record inventory build, supply concerns-47.7%
• Nov 22, 2018Oil falls on rising U.S. inventories, OPEC talk of cut limits loss-6.7%
• Jul 26, 2023Oil falls 1% after Fed rate hike, smaller-than-expected US crude stockdraw+1.9%
• Oct 30, 2019Oil prices extend fall after surprise inventory build(Update) | The Star+2.5%
• Jun 5, 2019Oil sinks as US crude stockpiles unexpectedly surge+0.3%

After 86 past bearish report events, ULSD / Diesel moved a median -0.9% over 5 sessions (37% higher; middle half -4.3% to +0.9%), and +0.4% over 20.

• Feb 24, 2023U.S. crude oil inventories rose as utilization drops+6.1%
• Feb 26, 2025US crude stockpiles fall as refining picks up, fuel inventories build, EIA says | Reuters-4.0%
• Nov 2, 2022Diesel inventories on ‘fumes’ as report sees recent stock rise - FreightWaves+6.0%
• May 22, 2019Oil prices sink as US crude and gasoline stockpiles rise-5.3%
• Jun 5, 2019U.S. oil prices enter a bear market as weekly domestic crude supplies jump to a nearly 2-year high - MarketWatch-0.2%