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Whoops! Surprise Drop in US Oil Inventory

Oil prices are up after DOE reported a much larger than expected drop in US oil inventories. 4.4 million barrels, actually.

All the ground lost in oil futures prices after the announcement release of oil from the Strategic Reserves has been recovered. Oil back to $94.77/barrel. ugh!

The department’s Energy Information Administration said gasoline stocks fell by 1.4 million barrels, which surprised analysts expecting stockpiles would post a slight increase.

“We get blindsided by this report right ahead of the big summer-driving weekend, and the market is going to pay attention,” said Phil Flynn, an oil analyst with PFGBest.

Cancel that trip to Yellowstone and the Grand Canyon. Peoria here we come!

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