US Crude Stocks Down, Fuel Inventories Up as Refiners Hit the Gas

The U.S. oil industry has been trying to boost output, but inventories keep dwindling, with supplies at the Cushing, Oklahoma hub dropping to the lowest since October 2014, the EIA said.

David Gaffen, Reuters

U.S. crude stocks fell in the latest week but fuel inventories rose, the government said on June 29, as refiners picked up activity, while industry production hit its highest in more than two years in response to tight worldwide supply and high prices.

The U.S. oil industry has been trying to boost output, but inventories keep dwindling, with supplies at the Cushing, Oklahoma hub dropping to the lowest since October 2014, the U.S. Energy Information Administration (EIA) said.

Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts’ expectations in a Reuters poll for a 569,000-barrel drop. Production rose to 12.1 million bbl/d, highest since April 2020, though the weekly figures are volatile and considered less reliable than monthly data released on a lagging schedule.

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