The Energy Information Administration confirmed on Wednesday that "U.S. crude oil inventories unexpectedly fell last week, as refinery production increased beyond the peak levels of 2019 during Memorial Day weekend." It reported that "crude oil stocks decreased by 451,000 barrels in the week ending June 2."
The administration noted that "gasoline and diesel inventories rose during this period, but remained below last year's levels." It added that "distillate stocks increased by about 5.1 million barrels during that week, compared to expectations of a 1.3 million barrel increase."
The data showed a rise in U.S. net crude imports by 1.6 million barrels per day. Crude oil refinery operating rates increased by 482,000 barrels per day, while refinery consumption rates rose by 2.7 percentage points, reaching their highest level since August 2019.
