sticker reads crude oil on the side of a storage tank in the permian basin in mentone loving county texas us november 22 2019 reutersangus mordantfile photo june 29 reuters  us crude stocks fell in the latest week but fuel inventories rose the government said on wednesdayas refiners picked up activity while industry production hit its highest in more than two years in response to tight worldwide supply and high prices the us oil industry has been trying to boost output but inventories keep dwindling with supplies at the cushing oklahoma hub dropping to the lowest since october 2014 the us energy information administration said crude inventories usoilceci fell by 28 million barrels in the week to june 24 far exceeding analysts expectations in a reuters poll for a 569000barrel drop production rose to 121 million bpd highest since april 2020 though the weekly figures are volatile and considered less reliable than monthly data released on a lagging schedule crude stocks at the cushing oklahoma delivery hub usoicceci fell by 782000 barrels in the week eia said that dropped cushings inventories to a bare 213 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 people will be chased away from cushing to other spot basis locations to find allocations said robert yawger director of energy futures at mizuho refinery crude runs usoicreci rose by 403000 barrels per day in the last week eia said bumping overall refinery utilization rates usoirueciby 1 percentage point to 95 highest for this time of year since 2018 refiners are squeezing out every barrel of product that they can they’re responding to high prices and responding to calls by the biden administration to produce more that has helped increase supplies here a little bit said phil flynn analyst at price futures group in chicago us gasoline stocks usoilgeci rose by 26 million barrels in the week the eia said compared with expectations for a 452000barrel drop​ distillate stockpiles usoildeci which include diesel and heating oil rose by 26 million barrels the eia data showed net us crude imports usoicieci fell last week by 36000 barrels per day