SEE MORE: Ride an Oil Rally With This Familiar ETF

Donald Morton, senior vice president at Herbert J. Sims & Co., warned that investors should keep expectations tempered as the EIA report showed gasoline draws were only in line with seasonal averages and the risk of storage filling to capacity is still there for the East Coast.

The total commercial stockpile of crude and all oil-based products increased for the seventh consecutive week to 1.4 billion barrels, a record high on data going back to 1990.

For more information on the oil market, visit our oil category.

United States Gasoline Fund