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 2,566 MBBL last week to 405,792 MBBL from 408,358 MBBL. This is 11% below the 457,773 MBBL that was in storage at this point last year, and is even with the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 967 MBBL.

Gasoline inventories decreased by 1.6 MMBBL this week to 232.8 MMBBL. Fuel oil inventories...

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