EIA: US crude inventories increased as refineries slow to come back

The Energy Information Administration (EIA) on Wednesday, 17 March 2021 released the US inventories data that showed a pile-up of 2.4 million barrels by the week ending 12 March 2021. This is the fourth week in a row US crude stocks increase due to the winter storm that knocked out refineries here.

Refinery utilization recovered another 7.1% from the previous week to 76.1% as refiners continue to recover from the shutdown.

Net crude oil imports into the country fell by 219,000 barrels per day.