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 4,143 MBBL last week to 432,441 MBBL from 436,584 MBBL. This is 15% below the 511,546 MBBL that was in storage at this point last year, and is marginally below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 1,087 MBBL.

Gasoline inventories dropped by 2.3 MMBBL this week to 236.8 MMBBL. Fuel oil inve...

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