EIA reported a draw of -6866 MBbls in U.S. crude-oil inventories for the week ending 7/2/2021. This was larger than the average estimate of -4478 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $72.06, from $71.66 just before 10:00am.
Inventories for the US are now at a deficit of 88.051 MBbls to last year and a deficit of 37.83 MBbls to the five-year average.
