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Crude oil inventories (weekly change)

Yesterday we had a Crude oil inventories (weekly change) report. How do you derive a conclusion? If inventories decrease does it mean a move up on S&P and viceversa?????
Crude oil inventories (weekly change) Previous:2.8 M barrels Actual:1.7 M barrels .
I would highly doubt that. I am sure that there is some correlation but I would not say 1:1. For example today there was other news that drove the S&P up more than the crude itself.
So NewKid do we classify these Oil reports as non significant for large moves in S&P?
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