This week's release of energy inventories from the Department of Energy (DoE) showed that stockpiles of crude oil and gasoline dropped more than expected in the latest week. In the case of crude oil, stockpiles fell by 1.756 million barrels compared to expectations for a decline of 1.55 million barrels. Even after this week's decline, though, stockpiles remain well above their average over the last ten years and going back to 1984.
In the case of gasoline, inventories saw an even bigger decline relative to expectations. While traders were expecting stockpiles to remain unchanged from last week, the actual decline was 4.387 million barrels. The last time we saw a weekly decline of that magnitude was in early April. Finally, unlike oil where inventories are well above average, the difference between current and average levels in gasoline stockpiles is much smaller.