Crude oil inventories soared 9.4 million barrels in the EIA’s weekly inventory report. That halted the nascent rebound for crude over the past two days. Analysts were only forecasting a build of 1.7 million barrels. This is the biggest bulge in inventories in quite some time.

However, the news was not all good. The EIA also said that gasoline inventories declined by 6.2 million barrels, which was about twice the expected amount. Overall it was a good report, but the big drawdown in gasoline inventories leaves room for a potential short-term rally in gas prices.