# U.S. oil hits 3.5-year high after inventory draw

> 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.

- Date: 2018-06-27 · published 2018-06-27T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/8784-u-s-oil-hits-3-5-year-high-after-inventory-draw
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A large inventory draw combined with Canadian supply losses signals a tight crude market, supporting higher energy prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2018-06-27 | 5 | +14.9% | 3.8 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-08-22 | [Oil surges after data shows steep drop in US crude inventories](https://feedsoft.ai/events/63703-oil-surges-after-data-shows-steep-drop-in-us-crude-inventories.md) | +1.8% | +5.6% |
| WTI | 2021-07-01 | [Oil climbs to highest in over two years as U.S. supplies tighten](https://feedsoft.ai/events/46777-oil-climbs-to-highest-in-over-two-years-as-u-s-supplies-tighten.md) | -0.7% | +0.2% |
| WTI | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +6.4% | -1.2% |
| WTI | 2021-08-25 | [U.S. crude inventories fall as demand hits highest since March 2020 - EIA \| Reuters](https://feedsoft.ai/events/11407-u-s-crude-inventories-fall-as-demand-hits-highest-since-march-2020-eia-reuters.md) | +1.4% | +7.1% |
| WTI | 2018-10-24 | [U.S. oil prices up after sharp drop in fuel stocks \| Reuters](https://feedsoft.ai/events/12172-u-s-oil-prices-up-after-sharp-drop-in-fuel-stocks-reuters.md) | -0.4% | -19.7% |
| BRENT | 2018-08-22 | [Oil surges after data shows steep drop in US crude inventories](https://feedsoft.ai/events/63703-oil-surges-after-data-shows-steep-drop-in-us-crude-inventories.md) | +5.3% | +9.7% |
| BRENT | 2021-07-01 | [Oil climbs to highest in over two years as U.S. supplies tighten](https://feedsoft.ai/events/46777-oil-climbs-to-highest-in-over-two-years-as-u-s-supplies-tighten.md) | -2.8% | -1.5% |
| BRENT | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +7.2% | -0.7% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/u-s-oil-hits-3-5-year-high-after-inventory-draw-118062701304_1.html

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