Crude inventories fell more than analysts expected while distillate inventories grew, despite the record cold temperatures sweeping the United States. BRG Brokerage President Jeff Grossman tells TheStreet's Joe Deaux the market could see more downside price movement in oil thanks to the 2.7 million barrel drawdown. As for distillates, Grossman reminds investors that distillates won't show a reaction to this week's cold snap for at least another couples weeks.

More from Video

Video: How to Select Mutual Funds in Your 401(k)

Video: How to Select Mutual Funds in Your 401(k)

Racing Legend Mario Andretti Has Great Advice for Retirees

Racing Legend Mario Andretti Has Great Advice for Retirees

Arianna Huffington on Burnout, Tech-Life Balance and Why Amazon's CEO Agrees

Arianna Huffington on Burnout, Tech-Life Balance and Why Amazon's CEO Agrees

Nucor Is Waiting to See if Steel Tariffs Will Be Implemented, Jim Cramer Says

Nucor Is Waiting to See if Steel Tariffs Will Be Implemented, Jim Cramer Says

Jim Cramer: Will Apple or Amazon Become the World's First Trillion Dollar Stock?

Jim Cramer: Will Apple or Amazon Become the World's First Trillion Dollar Stock?