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U.S. crude futures rose 3.4% to $72.87 after U.S. crude stocks fell nearly 10 million barrels, the largest weekly draw since September 2016. Cushing stocks also fell, and a Syncrude outage in Canada cut supply to pipelines feeding the hub.
A large inventory draw combined with Canadian supply losses signals a tight crude market, supporting higher energy prices.
business-standard.comReutersJun 27, 2018After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
A near 10 million barrel US crude draw, the largest since 2016, plus a Syncrude outage cutting supply to Cushing drove a 3.4% rise on 6/27.
