EIA reported a draw of -6645 MBbls in U.S. crude-oil inventories for the week ending 2/5/2021. This was larger than the average estimate of -177 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $58.47, from $58.27 just before 9:30am.
Inventories for the US are now at a surplus of 34.005 MBbls to last year and a surplus of 12.67 MBbls to the five-year average.
