Crude oil inventories saw another sharp decline this week, but unlike the last three weeks, this week's decline was pretty much in line with expectations. According to the Department of Energy (DoE), crude oil inventories declined by 2.825 million barrels while traders were expecting a decline of 2.8 million barrels. That said, crude oil inventories have now declined by nearly 30 million barrels in the last four weeks, which is the largest such drawdown since at least 1984.
While crude oil inventories saw a decline that was in line with expectations, gasoline inventories saw a decline of 1.389 million barrels, even as traders were expecting a build of 1.65 million barrels. However, even after the decline, gasoline stockpiles are well above average heading into the time of year when we tend to see draw-downs.