US EIA Crude Oil Stocks Surprise Market with Unexpected Build

Yesterday's EIA crude oil stocks change came in at 0.922 million barrels, contrary to market expectations of a 0.3 million barrel draw.

This was a surprise, given that builds against consensus draws are typically bearish for the market.

In this case, the build was driven by imports or refinery runs, while gasoline and distillate drew down.

Historically, when crude builds are accompanied by draws in the product lines, it has often led to further price declines through the session.