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EIA: US crude inventories rose sharply as the country released more reservesEIA: US crude inventories rose sharply as the country released more reserves |
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Data from the Energy Information Agency (EIA) showed the total US crude inventories rose 1 million barrels in the week ending 5 November 2021 to 435.1 million barrels as the county released more oil from its reserves.
According to media reports, the US government released another 3.1 million barrels from the Strategic Petroleum Reserve – the largest quantity in more than four years to curb the heating crude oil market. The authorities are discussing whether to release more barrels in the near term.
Refinery utilization rates rose from the week before to 86.7%.
Gasoline stocks reduced 1.6 million barrels, marking the fifth consecutive week of draws.
