EIA reported a draw of -426 MBbls in U.S. crude-oil inventories for the week ending 5/7/2021. This was smaller than the average estimate of -2200 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $66.48, from $66.35 just before 9:30am.
Inventories for the US are now at a deficit of 47.53 MBbls to last year and a deficit of 8.03 MBbls to the five-year average.
