The rally in oil prices took a breather today after the Energy Information Administration reported a crude oil inventory draw of 400,000 barrels for the week to May 7. This compared with a draw of 8 million barrels reported for the previous week—the largest decline in U.S. crude oil stocks since January. Analysts had expected an inventory draw of 2.8 million barrels for the reporting period. In gasoline, the EIA reported an inventory build of 400,000 barrels for the week to May 7, which compared with two modest consecutive weekly builds of 100,000 barrels and 700,000 barrels, respectively. Gasoline production averaged 9.6 million bpd last week, compared with 9.1 million bpd a week earlier. In middle distillates, the EIA estimated an inventory decline of 1.7 million barrels for the week to May 7, which compared with a decline of 2.9 million barrels for the previous week and a draw […]