U.S. crude stocks down, fuel inventories up as refiners hit the gas: EIA

, with supplies at the Cushing, Oklahoma hub dropping to the lowest since October 2014, the U.S. Energy Information Administration said.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 782,000 barrels in the week, EIA said. That dropped Cushing’s inventories to a bare 21.3 million barrels, lowest in eight years, considered something of a warning sign though the industry has hundreds of millions of barrels in storage around the nation.

Refinery crude runs rose by 403,000 barrels per day in the last week, EIA said, bumping overall refinery utilization rates by 1 percentage point to 95%, highest for this time of year since 2018.

When will the gas prices start coming down ?

Won’t be long and fracking will be Biden’s favourite sport.

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