EIA reported a draw of -9910 MBbls in U.S. crude-oil inventories for the week ending 1/22/2021. This was larger than the average estimate of 373 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $52.79, from $52.51 just before 9:30am.
Inventories for the US are now at a surplus of 48.547 MBbls to last year and a surplus of 29.34 MBbls to the five-year average.
