While the markets focus on just the oil/crude inventories, it's more important to look at the gasoline and distillates as well. The market expected a net 2.1M decline. Instead the inventories plunged by 10.2M barrels. Thats a major decline and much, much higher then expected.
The market will typically just focus on the major miss by the headline grabber crude. Losing 3.3M barrels versus the expected gain of 0.8M barrels was a substantial miss in it's own right.
Still petroleum inventories and especially crude remain at very high levels. See info from Bespoke. Though its very key to note that these graphs show average numbers for the last 20-30 years when storage facilities and demand was lower. With gasoline and distillates plunging at an alarming rate, look for the next few reports to be critical to whether the inventory trend is finally much lower. If so, energy demand might finally be placing supply questions into the forefront.