API today

[setliff]

reported an inventory draw of 3.1 mb and a cushing drop of 1.3mb---very bullish during shoulder season.

[dan_s]

This reported "draw" is probably just a correction of last week's report. Remember, these weekly reports are just their best guess.

Regardless, it is bullish for the sector. I believe oil supply/demand is tightening much faster than Wall Street thinks, which is obvious from last week's Goldman Sachs report (an obvious ploy to drive down oil prices).