EIA reported a draw of -1662 MBbls in U.S. crude-oil inventories for the week ending 5/21/2021. This was larger than the average estimate of -750 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $65.73, from $65.56 just before 9:30am.
Inventories for the US are now at a deficit of 42.145 MBbls to last year and a deficit of 8.31 MBbls to the five-year average.
