The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week.

Crude oil stocks fell by 4,302 MBBL last week to 401,490 MBBL from 405,792 MBBL. This is 13% below the 462,353 MBBL that was in storage at this point last year, and is 1% below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 2,382 MBBL.

Gasoline inventories increased by 1.8 MMBBL this week to 234.6 MMBBL. Fuel oil inventorie...

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