# Oil Plummets on Bearish EIA Data - Mansfield Energy

> Crude oil fell about 5.2% to $58.22 after a bearish EIA report showed crude inventory builds, unusual for late May. Gasoline and diesel also fell sharply, with diesel down 7.7 cents. Refinery utilization dipped with Gulf Coast rain outages and unplanned downtime at BP Whiting.

- Date: 2019-05-23 · published 2019-05-23T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7396-oil-plummets-on-bearish-eia-data-mansfield-energy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Larger-than-seasonal inventory builds signal weaker near-term demand relative to supply, pressuring crude and diesel prices and reducing energy costs for the feed supply chain.

## Read by commodity

- WTI: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | Bearish EIA data showing crude builds drove a roughly 5% fall, a supply-side driver of the drop. |
| DIESEL | 2019-06-02 | 5 | -8.4% | -3.0 | May 23 bearish EIA crude build sent crude down ~5% and diesel futures down 7.7 cents, falling inside the five-day window ending June 2 and driving part of the drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-18 | [Interest Rates Hold, EIA Shows Surprise Builds - Mansfield Energy](https://feedsoft.ai/events/6482-interest-rates-hold-eia-shows-surprise-builds-mansfield-energy.md) | -5.3% | -1.8% |
| WTI | 2020-04-15 | [Stocks, crude plunge on economic data, oil oversupply](https://feedsoft.ai/events/4482-stocks-crude-plunge-on-economic-data-oil-oversupply.md) | -32.0% | +25.9% |
| WTI | 2022-07-12 | [Turner's Take Ag Markets \| WASDE Bearish](https://feedsoft.ai/events/5975-turner-s-take-ag-markets-wasde-bearish.md) | -1.5% | -12.2% |
| WTI | 2019-04-10 | [EIA Short-Term Energy Outlook - Fuels Market News](https://feedsoft.ai/events/59780-eia-short-term-energy-outlook-fuels-market-news.md) | -0.0% | -3.0% |
| WTI | 2018-03-13 | [EIA Short-Term Energy Outlook - Fuels Market News](https://feedsoft.ai/events/66208-eia-short-term-energy-outlook-fuels-market-news.md) | +1.1% | +6.7% |
| DIESEL | 2017-05-02 | [EIA Gasoline and Diesel Retail Prices Update - Mansfield Energy](https://feedsoft.ai/events/10018-eia-gasoline-and-diesel-retail-prices-update-mansfield-energy.md) | -2.1% | +4.1% |
| DIESEL | 2021-03-18 | [Interest Rates Hold, EIA Shows Surprise Builds - Mansfield Energy](https://feedsoft.ai/events/6482-interest-rates-hold-eia-shows-surprise-builds-mansfield-energy.md) | -4.3% | -0.3% |
| DIESEL | 2019-06-03 | [Diesel Drops 1.5¢ to $3.136; Oil Close to Bear Market Price - TT](https://feedsoft.ai/events/10747-diesel-drops-1-5-to-3-136-oil-close-to-bear-market-price-tt.md) | -0.9% | +5.4% |

## Sources

- mansfield.energy: https://mansfield.energy/2019/05/23/oil-plummets-on-bearish-eia-data/

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