Crude oil inventories showed a surprising decline of 2.446 mln barrels in the latest week, as analysts were forecasting a build of 1.9 mln barrels.
This week's decline, however, was still more than offset by last week's much higher than expected build in crude inventories. Even after this week's decline, crude oil inventories still remain at record highs for this time of year.
Gasoline, however, is another story. This week, inventories dropped by 481K barrels versus consensus estimates for a build of 500K barrels. So while crude oil inventories are at record highs, gasoline stockpiles are below average.