Oil prices exploded higher today, helped by a weaker dollar, after the U.S. announced plans to intensify sanctions on Iran and Russia said it would trim production in September. But after last week's huge draws, all eyes are back on the inventory picture after a delay due to the Labor Day holiday this week... “Any kind of draw would be good,” as this would mean last week’s decline wasn’t a one-week event, according to Jan Stuart, global energy economist at Cornerstone Macro LLC. API • Crude +400k (-2mm exp) • Cushing -238k (-2.4mm exp) • Gasoline -877k (-1.5mm exp) • Distillates -1.2mm (+500k exp) After last week's ... (full story)