API reports BIG decline in U.S. crude oil inventories - Nov 26

[dan_s]

It will be interesting to see how the market reacts tomorrow if the EIA weekly report confirms this:

API after the markets closed:
> Crude inventories reported (5.935M) barrels
> Cushing reported (734K) barrels
> Gasoline reported +1.814M barrels
> Distillates reported +2.543M barrels

Builds in refined products were needed since gasoline and distillates inventories are below normal for this time of year. Demand for heating oil will go up a lot when the lower than normal temperatures hit the Northeast this week. Most of the demand for home heating oil is in the NE quarter of the U.S.