EIA: US crude inventories fell but gasoline stock increased sharply

Crude inventories in the US fell 5.2 million barrels in the week ending 4 June 2021 to 474 million barrels, marking the third consecutive weekly drop as refineries in the country ramp up operating rates, according to the EIA. 

In the meantime, gasoline stocks rose 7 million barrels in the week to 241 million barrels while diesel and heating oil rose 4.4 million barrels, indicating the weak demand conditions.

Refinery utilization rates increased by 2.6% compared to the previous week.