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EIA: Crude Inventories Fall More Than Anticipated
The U.S. Energy Information Administration revealed a sharp decline in crude oil inventories last week, decreasing by 7.2 million barrels to 404.5 million barrels, surpassing expectations which had indicated a decline of 1.3 million barrels. Additionally, total inventories, including the strategic reserve, reached their lowest level since 1984, totaling 712.2 million barrels. Crude oil stocks at the Cushing, Oklahoma hub dropped to their lowest point since 2014. Refinery utilization rates rose to their highest level since 2019, reaching 97.2%. Gasoline inventories increased by 7,000 barrels, while distillate products (such as diesel and heating oil) rose by 1.1 million barrels.
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