EIA: US crude inventories rose for the third week on rising productions

The Energy Information Agency has released the latest data on the US commercial crude inventories that showed a buildup of 5.5 million barrels last week to 432 million barrels, largely due to higher production and strategic reserves release. 

According to the data, the US produced 12.2 million barrels of crude oil per day last week, the highest level since the outset of the pandemic. Smaller drillers are returning to the market as the current prices provide sufficient incentives.

Meanwhile, refineries in the country operated at 94.3% capacity during the week, up 3.3% from the week before. 

On the bright side, the US gasoline stocks fell 5 million barrels.