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EIA: US crude inventories fell to multi-year lows, gasoline stocks continue to riseEIA: US crude inventories fell to multi-year lows, gasoline stocks continue to rise |
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According to the latest data from the Energy Information Agency (EIA), the total commercial crude inventories in the US fell 4.6 million barrels in the week ending 7 January 2022 to 413.3 million barrels – the lowest since October 2018.
US crude inventories have been falling for seven consecutive weeks as companies reduce on-hand stocks to lower the year-end taxes.
However, gasoline inventories – an indicator to real consumption rose 8 million barrels to 240.8 million barrels during the week, which industry experts blamed the impact of the new wave of the outbreak.
Refinery utilisation rate fell 1.4 percentage points to 88.4%.
