EIA reported a draw of -2,144 MBbls in U.S. crude-oil inventories for the week ending 12/31/2021. This was smaller than the average estimate of -3,338 MBbls as reported by Bloomberg.
Prices were down five minutes following the announcement, to $78.00, from $78.31 just before 9:30am.
Inventories for the US are now at a deficit of 75.618 MBbls to last year and a deficit of 35.80 MBbls to the five-year average.
