Energy futures surged Wednesday to a new record above $94 US a barrel after the U.S. government reported an unexpected drop in crude oil inventories for the second week in a row.

In its weekly inventory report, the Energy Department’s Energy Information Administration said oil inventories fell by 3.9 million barrels last week. Analysts had expected an increase of 100,000 barrels.

Much of that decline was due to a big drop in crude supplies at a closely watched oil terminal in the Midwest.

It was the second week in a row the EIA reported a sharp and unexpected drop in oil inventories.

Light, sweet crude for December delivery rose US$3.72 to US$94.10 a barrel on the New York Mercantile Exchange.