The report was a big surprise. Crude oil seems very ample.

Right now the market supply for oil is tight.

Supplies of heating oil are very low compared to other supplies of energy commodities.

The seasonal effect of cold weather, stronger demand for heating oil, will pull higher the whole energy complex higher.

The situation between Russia and Ukraine is a rather (supportive) factor for oil ... as the potential for (gas) supply disruption in Europe is having a correlating effect on other energy commodities including oil.

Slower U.S. growth may reduce growth in oil demand in the second half of the year. We are seeing proof of reduced U.S. consumer confidence.