Crude Oil Drawdown and Market Implications

The hosts analyze the recent crude oil inventory data, highlighting a drawdown of 2.2 million barrels nationally and a discrepancy with the Biden administration's promise to refill the strategic petroleum reserve. They discuss the impact of these developments on the market and term structure, along with the possibility of settlement issues for WTI crude oil futures contracts. The hosts debate the continuation of the strong market performance and the potential for a pullback.