EIA reported a draw of -8010 MBbls in U.S. crude-oil inventories for the week ending 1/1/2021. This was larger than the average estimate of -2629 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $50.28, from $49.88 just before 9:30am.
Inventories for the US are now at a surplus of 55.563 MBbls to last year and a surplus of 40.31 MBbls to the five-year average.
