EIA: US crude inventories fell for the eighth straight week

The latest data from the Energy Information Agency (EIA) showed another 7.9 million barrels drawdown in US crude inventories in the week to 9 July 2021 to 437.6 million barrels, marking the eighth consecutive declining week.

The continuous falling in crude inventories is overshadowed by the lagging gasoline demand, reflecting in the 1 million barrels buildup of gasoline stocks during the week.

Refinery utilization rates fell 0.4 percentage points to 91.8%.