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 3,620 MBBL last week to 434,512 MBBL from 438,132 MBBL. This is 15% below the 509,912 MBBL that was in storage at this point last year, and is marginally below the five-year average. This week’s draw was a surprise, as the average analyst prediction called for a build of 244 MBBL.

Gasoline inventories rose by 0.5 MMBBL this week to 234.4 MMBBL. Fuel oil inventories fel...

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