For most of us, Wednesday is hump day. For oil traders, it is frequently jump or slump day. That is because it is usually when the Energy Information Administration drops its weekly statistics on U.S. oil inventories, production and consumption. The latest set, for the week ending June 19, had something for both bulls and bears—but the latter edged it. Commercial crude oil stocks fell by 4.9 million barrels, so bulls got that. But a little delving paints a different picture. For one, some oil was just transferred to the Strategic Petroleum Reserve, leaving a net reduction of 4.6 million barrels. Meanwhile, imports of crude oil fell by 2.1 million barrels last week. This explains almost half the net draw in domestic crude stocks, leaving 2.5 million barrels. Now, look at two big refined products: gasoline and distillate (the latter includes diesel). Stocks of these rose by a combined […]