US commercial crude oil inventories fell -2.0 million bbls last week, roughly in line with expectations. Total oil stocks are down -4.6% YoY and about -7% below the 5-year average for this time of year.

• Gasoline inventories rose 0.2 million bbls, a surprise build compared to expectations of a -1.7 million bbls draw. Gas inventories remain about 3% below the 5-year average; distillates fell -1.1 million bbls and are 13% below the seasonal average.
• Domestic production fell -98k b/d to 13.37 million b/d, but the 4-week average is still up 2.6% YoY.
• Net imports rose by 672k b/d to 2.05 million b/d with the 4-week average down -24.3% YoY.
• Refinery inputs were basically unchanged at 16.07 million b/d.
• Total product supplied increased 718k b/d1 to 19.87 million b/d, but the 4-week average is down -0.6% YoY
• Gasoline and distillates supplied are up 3.5% and 3.1% YoY, respectively.
• WTI crude fell -$4.18 on the week to $59.67/bbl and is down -$19.98 YoY.
• Retail gasoline rose to $3.147/gal (+$0.014 WoW), while retail diesel dropped to $3.497/gal (-$0.017 WoW).