# Oil settles down more than $5 as US data shows weak demand for gasoline

> Oil settled down over $5 on Wednesday as EIA data showed weak US gasoline demand and a large inventory build. Brent fell 5.6% to $85.81 and WTI fell 5.6% to $84.22.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Weak fuel demand and a bearish inventory build point to lower crude prices, which pressure ethanol and biofuel economics and can ease energy costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- CORN: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Same-day report of Brent falling 5.6% on weak US gasoline demand and a large inventory build, the proximate trigger. |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | EIA data showing weak US gasoline demand and a large inventory build triggered the Oct 4 sell-off (demand channel). |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2024-02-08 | [February WASDE Shows Slightly Bearish Demand Changes for US, Only Minor Revisions in Brazil Crops](https://feedsoft.ai/events/31631-february-wasde-shows-slightly-bearish-demand-changes-for-us-only-minor.md) | -1.4% | +1.6% |
| CORN | 2023-08-29 | [Soybeans fall after data shows US crop less damaged than feared - Markets - Business Recorder](https://feedsoft.ai/events/34582-soybeans-fall-after-data-shows-us-crop-less-damaged-than-feared-markets.md) | -2.8% | -9.5% |
| CORN | 2020-01-21 | [China data shows African swine fever impact on domestic pork sector - Just Food](https://feedsoft.ai/events/55073-china-data-shows-african-swine-fever-impact-on-domestic-pork-sector-just-food.md) | -1.6% | -2.0% |
| CORN | 2017-08-10 | [Breaking down the USDA Supply and Demand report \| NEWSRADIO 1040 WHO](https://feedsoft.ai/events/69396-breaking-down-the-usda-supply-and-demand-report-newsradio-1040-who.md) | -4.5% | -6.5% |
| CORN | 2024-09-23 | [US cattle futures finish higher, USDA data seen as neutral - CME
						 \| The Cattle Site](https://feedsoft.ai/events/28447-us-cattle-futures-finish-higher-usda-data-seen-as-neutral-cme-the-cattle-site.md) | +1.3% | -0.8% |
| WTI | 2020-09-02 | [Oil drops 3% to one-month low on weak U.S. gasoline demand](https://feedsoft.ai/events/10228-oil-drops-3-to-one-month-low-on-weak-u-s-gasoline-demand.md) | -11.0% | -6.2% |
| WTI | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +6.0% | +8.3% |
| WTI | 2022-08-03 | [Oil Plunges to Lowest Since February as US Gasoline Demand Drops](https://feedsoft.ai/events/12802-oil-plunges-to-lowest-since-february-as-us-gasoline-demand-drops.md) | -4.1% | -4.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/10/04/oil-rises-on-tightening-crude-supply.html
- reuters.com: https://www.reuters.com/markets/commodities/oil-rises-tightening-crude-supply-2023-10-04/

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