Commodities
WTI Prices Plummet 4.84% Amid Inventory Data and Macro Headwinds
The price of WTI Futures (USOIL-F) declined by 4.84% on September 17, driven by domestic inventory data that provided temporary relief to tight market sentiment.
According to the Energy Information Administration, U.S. commercial crude stockpiles saw a smaller-than-anticipated drop, while refined products experienced unexpected inventory builds in both gasoline and distillates.
A marginal decline in U.S. refinery utilization rates further signaled a brief softening in domestic crude demand.
Global supply availability remains constrained by geopolitical disruptions and pipeline shut-ins, but the smaller inventory draw allowed short-term market participants to unwind extended long positions.