EIA: US crude inventories tumble past forecasts

The Energy Information Administration released its report on US crude stocks, showing an extensive drawdown of 12.6 million barrels in the week ending July 6, compared to a 1.2 million buildup in the previous reading, while analysts expected a 4.1M drop, with total stocks now down to 405.2 million barrels, 4% below the five-year average for this time of year. 

Gasoline stocks fell 0.7 million barrels, making them 6% above five-year averages, while distillate stocks, including heating fuel, rose 4.1 million barrels, still 12% below the five-year average.