Largest draw since September 2016
Crude oil prices soared today, reaching prices not seen since late 2014. Today’s buying was driven largely by a historic draw on inventories announced by the DOE this morning.

Crude oil stocks fell by 9,891 MBBL last week, a decline well beyond what was expected by analysts. According to Bloomberg, analyst predicted a draw of 2,245 MBBL, so the actual draw was more than four times expectations.

Largest weekly refinery demand ever plus 3 MMBOPD oil exports both set all-time records
This week’s draw was...

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