EIA: US crude oil inventories fell sharply on surging exports

The US commercial crude inventories fell 8 million barrels in the week ending 15 April 2022 to 413.7 million barrels, according to the latest data from the Energy Information Agency (EIA). 

Accelerating export activities were the primary factor behind the large drop. Data from the Agency showed the total crude exports rose to 4.3 million barrels per day – the highest levels since March 2020. Rising exports offset the 4.7 million barrels released from the strategic reserves. 

Gasoline stocks fell 761,000 barrels in the same week to 232.4 million barrels. 

Refinery utilization rates increased to 91%.