A method for use with a subterranean well can include modeling multiple fluid types in an annulus formed between casing and an earth formation penetrated by a wellbore, inverting electromagnetic data acquired by sensors in the well, and selecting at least one of the fluid types based on the inverting. A system for use with a subterranean well can include multiple sensors longitudinally spaced apart along a casing in a wellbore, each of the sensors imparting electromagnetic impulses to a fluid present in an annulus formed between the casing and the wellbore, and each of the sensors providing observed data indicative of at least one physical property associated with the fluid.