EIA: US crude inventories fell sharply as refineries boost run rates

The latest data from the Energy Information Agency showed a sharp drawdown in US crude inventories by the week ending 11 June 2021, by 7.4 million barrels to 466.7 million barrels as refineries in the country continue to increase operating rates.

In fact, the EIA reported refinery utilization rates rose 1.3% from the previous week to 92.6% - the highest level since January 2020. 

However, gasoline stocks continue to build up, rising 2 million barrels in the week, which was much higher than the market’s expectation.