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 9,891 MBBL last week to 416,636 MBBL from 426,527 MBBL. This is 18% below the 509,213 MBBL that was in storage at this point last year, and is 3% below the five-year average. This week’s draw vastly exceeded expectations, as the average analyst prediction called for a draw of 2,245 MBBL.

Gasoline inventories rose by 1.2 MMBBL this week to 241.2 MMBBL. Fuel oil inventor...


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