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The inventory drawdown has fueled concern that refiners may struggle to build supplies of distillate fuel, including heating oil, for peak winter demand.
the drawdown seemed to be concentrated in the smaller hedge funds
The end result might not be the splashy, headline grabbing figures we saw last month in the US, but it is ultimately more sustainable because the consumption is predicated on a drawdown of savings, rather than fuelled by debt expansion.
The last significant dip into the SPR occurred during Desert Storm, when Bush the Elder ordered a drawdown of 34 million barrels.
Gasoline stocks were forecast to show a 3 million barrel drawdown .
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