EIA: US crude stockpile dropped as refineries ramped up run rates

The Energy Information Administration on Wednesday, 7 March 2021 released data that show a sharp decrease in crude oil stockpile in the US by 3.5 million barrels to 501.8 million barrels in the week to 2 April. 

Refineries processed 103,000 barrels per day more than the week before, and utilization rate increased 0.1% to 84% of capacity – the highest level since March 2020. 

Gasoline stocks in the country rose by 4 million barrels in the week to 230.5 million barrels as demand has yet to pick up ahead of the summer driving season.

Net US crude imports fell 141,000 barrels per day last week.