EIA: US crude inventories fell more than expected last week

The Energy Information Agency (EIA) has released official data that showed 1.7 million barrels dropped in US crude inventories in the week ending 21 May 2021 – larger than the industry’s expectation of 1 million barrels.

Refinery utilization rates rose 0.7% from the previous week to 87%.

Net US crude imports fell last week to 265,000 barrels per day. 

The US market is entering the summer drive season, which is expected to boost demand in the near term.