I guess Obama's draw down of the strategic oil reserves didn't work.....Huh ? We could have told him that, what and idiot. Well this is good news for the oil drillers, more demand.
The Department of Energy on Wednesday reported a much larger-than-expected draw in crude oil inventories for the week ended Jul. 15, saying that U.S. commercial crude oil inventories decreased by 3.7 million barrels from the previous week compared with the pull of 1.3 million barrels expected by analysts polled by Platts. Gasoline inventories increased by 800,000 barrels over the same period, distillate fuel stockpiles rose by 3.4 million barrels and refineries operated at 90.3% capacity, up 2.3 percentage points.
On Tuesday, the American Petroleum Institute reported that crude inventories fell 5.2 million barrels, gasoline stockpiles rose 2 million barrels, distillate inventories rose 1.1 million barrels and refiners increased utilization 1.2 percentage points to 86.1% capacity.