Just caught the latest EIA report and crude oil inventories just did something unexpected last week. They dropped 9 million barrels when everyone was betting on a 2.1 million barrel increase. Pretty wild swing considering they jumped 8.5 million the week before.

What caught my eye is where we're sitting now - crude oil storage is at 419.8 million barrels, which puts us about 5 percent below the five-year average for this time of year. That's actually tighter than usual. Gasoline inventories also fell 3.2 million barrels but still running about 3 percent above the seasonal average, so no real stress there yet.

Distillate fuels (heating oil and diesel) dropped another 4.6 million barrels and are sitting 5 percent below the five-year average too. So crude oil supply is tightening across the board, which could matter if we see demand pick up heading into summer. The inventory pullback definitely caught the market off guard - this wasn't what the consensus was looking for at all.