EIA reported a draw of -1002 MBbls in U.S. crude-oil inventories for the week ending 10/16/2020. This was smaller than the average estimate of -1288 MBbls as reported by Bloomberg.
Prices were down five minutes following the announcement, to $40.89, from $41.00 just before 9:30am.
Inventories for the US are now at a surplus of 53.257 MBbls to last year and a surplus of 43.89 MBbls to the five-year average.
