EIA: US crude inventories fell while export slipped

The Energy Information Agency (EIA) has released data on US crude inventories that showed 427,000 barrels dropped in the week ending 7 May 2021 to 484.7 million barrels, while export dived to the lowest levels since 2018.

In the meantime, industry experts are concerned over the rising gasoline stocks, which jumped 400,000 barrels in the last week even though the market is in mid of the summer driving season.

Refinery utilisation rate fell 0.4% to 86.1%.

Net crude imports rose 2.4 million barrels per day.