EIA reported a draw of -4,553 MBbls in U.S. crude-oil inventories for the week ending 1/7/2022. This was larger than the average estimate of -1,620 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $82.45, from $82.08 just before 9:30am.
Inventories for the US are now at a deficit of 72.161 MBbls to last year and a deficit of 38.48 MBbls to the five-year average.
