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 12,633 MBBL last week to 405,248 MBBL from 417,881 MBBL. This is 18% below the 495,350 MBBL that was in storage at this point last year, and is 4% below the five-year average. This week’s draw vastly exceeded expectations, as the average analyst prediction called for a draw of 3,894 MBBL.

Gasoline inventories dropped by 0.7 MMBBL this week to 239.0 MMBBL. Fuel oil invento...

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