# Oil Rallies as U.S. Stockpiles Shrink, Black Sea Terminal Shuts - Bloomberg

> West Texas Intermediate rose more than $5 a barrel to settle near $115 on Wednesday, March 22, 2022. The rally followed news that a major Black Sea oil export terminal had halted loadings and faced weeks of disruption, with exports possibly cut by about 1 million barrels a day. Reports of shrinking U.S. stockpiles also supported prices.

- Date: 2022-03-22 · published 2022-03-22T12:00:00.000Z
- Category: logistics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/9150-oil-rallies-as-u-s-stockpiles-shrink-black-sea-terminal-shuts-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A prolonged loss of Black Sea export capacity tightens global crude supply and raises the cost of fuel and freight used across the feed chain. The stockpile draw reinforces the tightness, so the price implication is bullish for crude.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-22 | 5 | +15.1% | 3.3 | On March 22 a Black Sea terminal halted loadings (possibly about 1 mb/d) and US stocks shrank, lifting crude by about $5 on the end date (supply loss). |
| WTI | 2022-03-21 | 5 | +16.7% | 3.1 | WTI rose over $5 to near $115 on March 22 after a Black Sea (CPC) terminal halted loadings and US stockpiles shrank, a direct supply shock to the rebound. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-24 | [Oil gains more than $3/bbl after Suez Canal ship grounding](https://feedsoft.ai/events/48292-oil-gains-more-than-3-bbl-after-suez-canal-ship-grounding.md) | +4.8% | +6.2% |
| WTI | 2018-11-28 | [Oil prices rise over 1% on outage in North Sea, expected OPEC supply cuts](https://feedsoft.ai/events/62234-oil-prices-rise-over-1-on-outage-in-north-sea-expected-opec-supply-cuts.md) | +3.6% | -10.3% |
| WTI | 2026-03-04 | [Closure of the Strait of Hormuz causes urea, diesel prices to spike as planting season begins in Arkansas](https://feedsoft.ai/events/4429-closure-of-the-strait-of-hormuz-causes-urea-diesel-prices-to-spike-as-planting.md) | +12.2% | +37.4% |
| WTI | 2019-04-25 | [Brent Oil Hits $75 For First Time in 2019 as Russian Exports Cut](https://feedsoft.ai/events/9609-brent-oil-hits-75-for-first-time-in-2019-as-russian-exports-cut.md) | -3.6% | -6.8% |
| WTI | 2022-12-12 | [Oil up $2/bbl on supply risks amid ongoing Keystone outage](https://feedsoft.ai/events/38399-oil-up-2-bbl-on-supply-risks-amid-ongoing-keystone-outage.md) | +4.5% | +5.7% |
| BRENT | 2021-03-24 | [Oil gains more than $3/bbl after Suez Canal ship grounding](https://feedsoft.ai/events/48292-oil-gains-more-than-3-bbl-after-suez-canal-ship-grounding.md) | +5.5% | +7.1% |
| BRENT | 2021-03-24 | [Factbox: Suez Canal blockage sends ripples through global commodity markets](https://feedsoft.ai/events/48032-factbox-suez-canal-blockage-sends-ripples-through-global-commodity-markets.md) | +5.5% | +7.1% |
| BRENT | 2017-08-28 | [Oil markets roiled as Harvey hits US petroleum industry](https://feedsoft.ai/events/69604-oil-markets-roiled-as-harvey-hits-us-petroleum-industry.md) | +1.1% | +10.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-03-22/oil-edges-lower-ahead-of-nato-eu-summits-on-russia-ukraine-war

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