Oil up strongly this morning on inventory draw down

The U.S. Energy Information Administration reported this morning that U.S. crude oil inventories fell 2.62 million barrels for the week ended March 16.
 
Last week inventories rose by 5 million barrels.
 
As of 11:20 a.m. New York time U.S. benchmark West Texas Intermediate was up 2.01% to $64.82 a barrel. International benchmark Brent was up 2.33% to $68.99 a barrel.
 
The Energy Select Sector SPDR (XLE) is up 2.39% this morning. Since plunging in the late January/early February sell off, the energy sector has struggled to regain ground. At $68.44 today the ETF has just pushed above the 200-day moving average at $67.95.  The 50-day moving average is at $70.83.
 
U.S. oil shale producers are up even more strongly than the sector this morning with Pioneer Natural Resources (PXD) ahead 2.96%, Diamondback Energy higher by 4.44%, and RSP Permian (RSPP) gaining 3.52%.  (Pioneer Natural Resources and Diamondback Energy are members of my 50 Stocks and Jubak Picks portfolios, respectively.  I hold Pioneer call options in my Volatility Portfolio. You can follow my Volatility Portfolio on either of my subscription sites, JugglingWithKnives.com or JubakAM.com)