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The Energy Information Agency on Wednesday, 5 May 2021 released the official data that showed 8 million barrels dropped in the US crude inventories last week to 485.1 million barrels, much larger than the market expectation. 

The sharp reduction is a result of the surging exports to 4.1 million barrels compared to 2.5 million barrels the week earlier – the highest levels since March 2020. 

Besides, domestic refineries continue to ramp up operating rates ahead of the summer driving season, with utilization rates gained 1.1% to 86.5%.

Net crude import fell 2.8 million barrels per day.