EIA: US crude inventories rose on higher production, reserves releases

The Energy Information Agency has released the latest report on US crude inventories which showed a 3.3 million barrels build-up in the week ending 29 October 2021, to 434.1 million barrels – much higher than expected. 

Industry sources said that the increases were due to the higher production outputs by 200,000 barrels per day, as the overall US oil production reached 11.5 million barrels per day last week, though these figures are subjected to revisions. 

In addition, Reuters reported that the US released 1.7 million barrels of crude from its strategic reserves to ease the recent rally.

The refinery utilization rate rose 1.2% from the previous week to 86.3%. 

Gasoline inventories, however, digested 1.5 million barrels to 21.43 million barrels – the lowest levels since November 2017.