Crude Inventories Fall While Distillates Build During Cold Snap

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.