- Oil prices rose after U.S. stockpiles showed the largest decrease since September, and a more hawkish Fed triggered a broader rally (BBG)
- The S&P 500 settled near an all-time high Wednesday after Fed officials focused their battle against inflation by moving their asset-buying program earlier than expected
- The EIA reported a draw of 4.5 MMBbl for the week ended December 10
- The large crude inventory withdrawal was closer to 6.5 MMBbl when SPR releases are removed
- Gasoline demand rose to 9.14 MMBbl/d last week, data from the EIA showed. That’s the highest for this time of year since 2015 and suggest concerns about COVID-19 have yet to dent driving demand
- Demand is expected to remain high in the short term as more than 100 million people are expected to get on the road this holiday season, according to AAA