EIA reported a build of 2,377 MBbls in U.S. crude-oil inventories for the week ending 1/21/2022. This was larger than the average estimate of 166 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $87.07, from $86.94 just before 9:30am.
Inventories for the US are now at a deficit of 70.373 MBbls to last year and a deficit of 35.72 MBbls to the five-year average.
