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 2,683 MBBL last week to 437,055 MBBL from 439,738 MBBL. This is 6% above the 412,654 MBBL that was in storage at this point last year, and is 8% above the five-year average. This week’s build somewhat exceeded expectations, as the average analyst prediction called for a draw of 1,489 MBBL.

Gasoline inventories increased by 7.5 MMBBL this week to 255.6 MMBBL. Fuel oil inventories rose by 3.0 MMBBL to 143.0 MMBBL. Overall, petroleum stocks excluding the SPR increased by 5.0 MMBBL to 1,260.4 MMBBL.

Preliminary data suggests over the past four weeks the U.S. produce...


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