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 1,401 MBBL last week to 432,354 MBBL, from 433,758 MBBL. This is 17% below the 520,772 MBBL that was in storage at this point last year, and is 2% below the five-year average. This week’s draw was in line with expectations, as the average analyst prediction called for a draw of 1,349 MBBL.

Gasoline inventories dropped by 3.8 MMBBL this week, decreasing to 232.0 MMBBL. ...

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