"Oil Stockpiles Plunge as Storm Cuts Imports, Prices Rally"

October futures $47.53 up $2.03 after trading as high as $47.58. It's too early to short but we're very close again.
From MoneyBeat:

U.S. crude stocks fell by a whopping 14.5 million barrels last week, the EIA says, the biggest drop since January 1999 and the second-biggest decline on record in weekly data going back to late 1982.

Analysts cautioned, though, that this is more likely to be a one-week anomaly than a turning point for the oversupplied market. A tropical storm in the Gulf of Mexico last week impeded shipments, and imports fell by 1.8 million barrels/day last week, accounting for nearly the entire inventory drop....MORE

ZeroHedge is a bit more dramatic:

Crude Soars Above $47 After Biggest Inventory Draw Since 1999

Following last night's API-reported 12mm barrel drawdown (the most since 1999) - attributed to last week's Gulf shut-ins due to tropical storm Hermine - EIA reported an even bigger 14.5 million barrel draw. Production fell for the 3rd week and Distillates saw a big inventory build but the headline crude build dominated algos which spiked WTI above $47.
API

• Crude -12.08mm (exp +905k)
• Cushing -0.7mm (exp -900k)
• Gasoline -2.388mm (exp -750k)
• Distillates +944k

DOE

• Crude -14.5mm (exp +905k)
• Cushing -434k (exp -900k)
• Gasoline -4.2mm (exp -750k)
• Distillates +3.38mm

The breakdown of crude imports, which dipped 21% to 7069k b/d from 8917k last week, and the lowest since November, by region was as follows:

• PADD1: 581k vs 1239k, -53.1%
• PADD2: 2468k vs 2566k
• PADD3: 2478k vs 3237k, -23.5%
• PADD4: 333k vs 236k
• PADD5: 1209k vs 1639k

The EIA added that Gulf Coast (PADD3) crude imports fell to 2.48m b/d, the lowest since at least 1990....

...Unexpectedly large drop in U.S. crude imports, which led to falling inventories and price surge, was due to Tropical Storm Hermine, and thus could be temporary phenomenon that may reverse, according to Commerzbank and other analysts....

...MUCH MORE