EIA reported a draw of -5241 MBbls in U.S. crude-oil inventories for the week ending 6/4/2021. This was larger than the average estimate of -2892 MBbls as reported by Bloomberg.
Prices were down five minutes following the announcement, to $70.13, from $70.33 just before 9:30am.
Inventories for the US are now at a deficit of 58.316 MBbls to last year and a deficit of 19.42 MBbls to the five-year average.
