EIA reported a draw of -4,756 MBbls in U.S. crude-oil inventories for the week ending 2/4/2022. This was larger than the average estimate of 1,272 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $90.37, from $89.70 just before 9:30am.
Inventories for the US are now at a deficit of 65.272 MBbls to last year and a deficit of 46.96 MBbls to the five-year average.
