EIA: US commercial crude inventories fell sharply as refineries ramped up rates

The Energy Information Administration (EIA) in its latest report said the US commercial crude inventories fell 7.5 million barrels in the week ending 24 March 2023 as refineries in the country ramped up operating rates following the maintenance season.

At 473.7 million barrels, the crude oil stocks are about 6% above the five-year average for this time of year. 

Contributing to the large draws were the higher run rates among refineries, which stood at 90.3%, up from 88.6% the week before. 

Total motor gasoline inventories fell 2.9 million barrels during the week, underlining the demand revival ahead of the summer driving season.