# Crude oil prices today: WTI falls to $79 on stockpile build, weak demand

> US crude oil fell more than 3% to $79 a barrel on May 1, 2024, its lowest level in seven weeks, as EIA data showed commercial stockpiles rising 7.3 million barrels to 461 million barrels on lackluster demand. WTI was down about 9% from its 2024 closing high of $86.91.

- Date: 2024-05-01 · published 2024-05-01T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Surging US crude inventories and weak demand point to lower energy costs, which tends to soften biofuel margins and feedstock demand. The move follows the removal of the April war premium.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- NATGAS: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-05-01 | 1 | -5.3% | -4.4 | The May 1 report of the EIA stockpile build of 7.3 million barrels and weak demand explains the bearish supply-demand signal, though it is WTI-focused and the EIA data came out during the May 1 session. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-18 | [Oil Markets: U.S. stockpile build, demand worries](https://feedsoft.ai/events/6201-oil-markets-u-s-stockpile-build-demand-worries.md) | -5.3% | -1.8% |
| WTI | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.6% | -3.7% |
| WTI | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -6.4% | -14.5% |
| WTI | 2020-09-10 | [Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery \| Financial Post](https://feedsoft.ai/events/7477-oil-prices-fall-as-growing-u-s-stockpiles-signal-bumpy-demand-recovery.md) | +5.6% | +4.8% |
| WTI | 2019-05-30 | [Oil falls to 2-month lows on small US crude stock draw, trade war worries \| Fox Business](https://feedsoft.ai/events/9889-oil-falls-to-2-month-lows-on-small-us-crude-stock-draw-trade-war-worries-fox.md) | -12.3% | +0.7% |
| BRENT | 2021-03-18 | [Oil Markets: U.S. stockpile build, demand worries](https://feedsoft.ai/events/6201-oil-markets-u-s-stockpile-build-demand-worries.md) | -5.6% | -2.0% |
| BRENT | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.7% | -1.6% |
| BRENT | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -3.5% | -14.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/05/01/crude-oil-prices-today.html

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