***UPDATE: After soaring for 6 weeks, crude oil inventory declined -1.90 mmb (consensus: -0.2 mmb) to 363.2 mmb in the week ended May 28. Cushing stock added modestly, by +0.27 mmb to 37.9 mmb Moreover, gasoline stockpile drew -2.65 mmb to 219.0 mmb. We expect further decline in coming weeks as driving season began last week. However, distillate stockpile rose +0.45 mmb to 153.0 mmb.
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Crude Failed to Rally Despite Inventory Draw
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