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WTI crude fell 2.8 percent to $48.88 a barrel, its first close below $49 this year, after US inventory data showed record stockpiles. Natural gas futures rose on the same day.
Record US crude inventories signal oversupply that pressures crude prices and the energy costs behind biofuel and processing margins.
upi.comEd AdamczykMar 9, 2017After 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.
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.
After 74 past bullish report events, Natural Gas moved a median +1.3% over 5 sessions (55% higher; middle half -4.0% to +11.3%), and +2.1% 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.
