Energy Preview: EIA Crude Stocks Drop, US Crude Oil Continues To Soar

US crude stocks slipped last week as refineries hiked output, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.6 million barrels in the last week as refinery crude runs rose by 141,000 barrels per day. Refinery utilization rates rose by 0.7 percentage point. US refiners are beginning to restart units after seasonal maintenance work ahead of the high demand in coming summer months. However, Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.7 million barrels, EIA said. US crude production also continued to surge, hitting a new weekly record of 10.46 million barrels per day (bpd) compared with 10.433 million bpd last week.