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 5,296 MBBL last week to 396,194 MBBL from 401,490 MBBL. This is 15% below the 468,241 MBBL that was in storage at this point last year, and is 3% below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 1,580 MBBL.

Gasoline inventories increased by 1.3 MMBBL this week to 235.9 MMBBL. Fuel oil inventorie...

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