Oil Soars On Bullish EIA Inventory Report

A week after it served a much needed nice surprise to markets with a crude oil inventory build, today the Energy Information Administration strengthened the mood by reporting an oil inventory draw of 5 million barrels for the week to May 15. This compared with a draw of 700,000 bpd last week and analyst expectations for a 967,000-barrel draw. Yesterday, the American Petroleum Institute estimated that oil inventories had fallen by 4.8 million barrels in the reporting period. In gasoline, the EIA reported an inventory build of 2.8 million barrels…