EIA reported a draw of -994 MBbls in U.S. crude-oil inventories for the week ending 1/29/2021. This was larger than the average estimate of -971 MBbls as reported by Bloomberg.
Prices were down five minutes following the announcement, to $55.75, from $55.92 just before 9:30am.
Inventories for the US are now at a surplus of 44.005 MBbls to last year and a surplus of 23.25 MBbls to the five-year average.
