US commercial oil stocks jumped 3.5 million barrels, a larger build than the 3.2 million barrel expected increase. Stock levels over the past year are down 2.5% YoY%, up from -2.6% YoY in the week before. Motor gasoline stocks increased 3.0 million barrels, also above expectations.

Domestic production fell -237k b/d to 13.2 million b/d, though that is still 240k b/d above production a year ago. Production smoothed out over a year is still up 5.0% YoY, down from 5.1% YoY. The oil inventory build was also caused by an increase of 532k b/d in net imports and a decline of -333k b/d in refinery inputs.

Product supplied also rebounded. Total product supplied jumped 1.49 million b/d to 21.1 million b/d driven by increases in motor gasoline supplied and “other oils” supplied. The 4-week average of total product supplied is up 2.5% YoY.