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 497 MBBL last week to 441,457 MBBL from 441,954 MBBL. This is 1% above the 436,491 MBBL that was in storage at this point last year, and is 7% above the five-year average. This week’s draw fell short of expectations, as the average analyst prediction called for a draw of 2,855 MBBL.

Gasoline inventories increased by 1.8 MMBBL this week to 230.1 MMBBL. Fuel oil inventories fell by 4.2 MMBBL to 119.9 MMBBL. Overall, petroleum stocks excluding the SPR decreased by 10.3 MMBBL to 1,229.6 MMBBL.

Preliminary data suggests over the past four weeks the U.S. produced 11,6...

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