The API - American Petroleum Institute, reported a draw of $6.79M barrels of crude oil for last week, up from 4.5M in the previous week.That is the giant slurping sound a straw makes at the bottom of an empty big gulDon't get too excited but DO get bullish on oil. Why?1. It’s API - let’s wait till we get EIA #s2. Not unusual for this time of year 3. Still well below 5 yr avg inventory levels. 4. Demand will start to pick up toward the end of summer. If we get the inventory draws we did last year in distillates I’d expect crack spreads to skyrocket and lead oil higher.notes from OrangeElvis, RySci.Energy picks: $BP, BP p.l.c. / H1 RBC added $RY BP as a top pick. My PT is $50 - $55 in the next year.Core holding: Exxon. $XOM, Exxon Mobil Corporation / H1 Transocean $RIG is showing tremendous upside ahead: $RIG, Transocean Ltd (Switzerland) / H1 Avoid Seadrill $SDRL. The BK firm had the audacity to list publicly again after all that: $SDRL, Seadrill Limited / H1