EIA reported a build of 1,121 MBbls in U.S. crude-oil inventories for the week ending 2/11/2022. This was larger than the average estimate of -919 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $94.16, from $93.97 just before 9:30am.
Inventories for the US are now at a deficit of 57.506 MBbls to last year and a deficit of 49.00 MBbls to the five-year average.
