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 2,057 MBBL last week to 394,137 MBBL from 396,194 MBBL. This is 17% below the 472,832 MBBL that was in storage at this point last year, and is 3% below the five-year average. This week’s draw was in line with expectations, as the average analyst prediction called for a draw of 2,616 MBBL.

Gasoline inventories decreased by 1.7 MMBBL this week to 234.2 MMBBL. Fuel oil in...

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