Crude oil inventories dropped by 2.4 million barrels, the Energy Department reports on Wednesday. Spartan Commodity Fund CEO Alan Harry tells TheStreet's Joe Deaux that despite the drawdown, investors were looking for an even larger inventory decline to make up for the glut of supply. Ultimately, Harry says he expects WTI oil to fall to the $94 to $95 range. Harry says warmer weather in the months ahead will turn the distillate market, which has benefited from a cold winter.

More from Video

Stock Market Just Took Another Beating -- Here's What You Need to Know

Stock Market Just Took Another Beating -- Here's What You Need to Know

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

Dunkin' Donuts Should Just Sell Itself Already

Dunkin' Donuts Should Just Sell Itself Already

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Intel CEO Out After Past Relationship With Staffer - Why Stock Is Now in Play

Intel CEO Out After Past Relationship With Staffer - Why Stock Is Now in Play