US oil inventories have fallen to precariously low levels as local refiners ramp up activity to capitalize on soaring fuel prices.
US refiners last week processed 17 million barrels of crude a day — the fastest pace since 2019 — drawing down commercial stockpiles by 7.2 million barrels as they raced to increase exports to Asia and Europe amid renewed energy disruptions in the Middle East.
Analysts warned the massive drawdown could jeopardize the US’ role as the global supplier of last resort, the Financial Times reported: “Stockpiles are rapidly depleting and this pace of draws cannot persist ad infinitum,” a Kpler analyst said. The near-record refinery runs aren’t likely to ease rising gas prices for Americans either.
