EIA: US crude inventories surged sharply on big release from strategic reserves

The US commercial crude inventories rose 8.5 million barrels in the week to 6 May 2022 due to another big release from the strategic reserves, according to the latest data from the Energy Information Agency. At 424.2 million barrels, the country’s stocks are 13% below the five-year average, the Agency added.

Gasoline stocks, on the other hand, fell 3.6 million barrels in the same week, partly driven by the accelerating export of finished motor gasoline. 

Refinery utilisation rates recovered from the week before to 90%.