And the Oil Derby's Off...Way Off

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Crude oil inventories dropped a whopping 5.9 million barrels last week, stunning traders who'd expected a drawdown of only 1.4 million barrels. According to the Energy Department, oil inventories still remain well below seasonal averages.

Handicappers in the oil derby have been losing their shirts recently. You could hear the fabric tearing further this morning after the U.S. Energy Department released its latest inventory numbers.

Analysts' tip sheets were glaringly off pace this week. At least with respect to crude oil and gasoline stocks.

Crude oil inventories dropped a whopping 5.9 million barrels last week, stunning traders who'd expected a drawdown of only 1.4 million barrels. According to the Energy Department, oil inventories still remain well below seasonal averages.

Crude oil had traded higher overnight, largely on short covering ahead of the report. Memories of last week's supply surprise (see "Oil Guesses Getting Better, Still Off") were still fresh in traders' minds...

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