The Energy Information Administration reported that US crude oil stockpiles declined last week due to increased run rates and increased exports.

Refinery crude runs climbed to 16.75 million barrels, the most since January 2020, and refinery utilization rose to 94.7% of capacity.

A weekly increase in US oil exports also depleted stocks, with net imports falling 1.76 million barrels.

Despite crude production reaching its highest level since March 2020, inventories are dropping.

The output level is noteworthy given the decline in the rig count, which indicates future production.