EIA reported a draw of -7896 MBbls in U.S. crude-oil inventories for the week ending 7/9/2021. This was larger than the average estimate of -4357 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $74.70, from $74.54 just before 10:30am.
Inventories for the US are now at a deficit of 101.601 MBbls to last year and a deficit of 40.41 MBbls to the five-year average.
