# WTI, Brent Sink 5.6% on Demand Weakness, Economic Outlook

> WTI and Brent settled 5.5% to 7% lower on Wednesday after an EIA report showed exceptionally weak US gasoline demand and a sharp inventory build. WTI fell below $85 for the first time since early August.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7363-wti-brent-sink-5-6-on-demand-weakness-economic-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Demand erosion and recession concerns tied to possible Fed hikes lower crude prices, which weakens biofuel-linked demand and energy input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Directly attributes the Oct 4 selloff to the EIA report showing very weak US gasoline demand and a sharp inventory build, a demand-side shock. |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | Weak gasoline demand and a sharp inventory build pushed Brent and WTI down 5.5-7% on the day. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-07-21 | [Oil retreats on surprise rise in U.S. stocks, weakening demand outlook \| CNBC Africa](https://feedsoft.ai/events/6362-oil-retreats-on-surprise-rise-in-u-s-stocks-weakening-demand-outlook-cnbc-africa.md) | +6.4% | -1.2% |
| WTI | 2019-10-01 | [Oil slides 2.5% as US inventories build, weak economic data weighs](https://feedsoft.ai/events/56752-oil-slides-2-5-as-us-inventories-build-weak-economic-data-weighs.md) | -2.5% | +2.9% |
| WTI | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | -4.3% | -3.7% |
| WTI | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +5.5% | +5.5% |
| WTI | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -10.1% | -18.0% |
| BRENT | 2021-07-21 | [Oil retreats on surprise rise in U.S. stocks, weakening demand outlook \| CNBC Africa](https://feedsoft.ai/events/6362-oil-retreats-on-surprise-rise-in-u-s-stocks-weakening-demand-outlook-cnbc-africa.md) | +7.2% | -0.7% |
| BRENT | 2019-10-01 | [Oil slides 2.5% as US inventories build, weak economic data weighs](https://feedsoft.ai/events/56752-oil-slides-2-5-as-us-inventories-build-weak-economic-data-weighs.md) | -3.3% | +0.2% |
| BRENT | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | -5.8% | -6.2% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2023/10/04/oil-extends-losses-gasoline-stocks

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