EIA: US crude inventories dropped unexpectedly as refinery increase run rates

In the latest report from the Energy Information Agency, US crude inventories unexpectedly fell 2.1 million barrels in the week ending 12 November 2021 as refineries ramp up operating rates ahead of the winter season. 

The total commercial stocks stood at 433 million barrels even after the US government injected another 3 million barrels from its strategic reserves to arrest the high fuel costs. 

Refinery operating rates increased 1.2% from the previous week to 87.9%.

Gasoline stocks fell by 708,000 barrels amid higher refinery operating rates, signaling the strong demand. Meanwhile, net US crude import dropped 490,000 barrels.