U.S. commercial crude oil inventories rose 3.5 million bbls (vs -1 million bbls expected) to 441.8 million bbls last week, though levels remain about down -3.3% YoY and -6% below the 5-year seasonal average.

• Distillate inventories fell -3.2 million bbls and are now -16% below the 5-year average; gasoline stocks declined -1.0 million bbls (vs -600k bbls) and sit -3% below seasonal norms.
• Crude oil net imports fell -423k b/d to 2.47 million b/d, and the 4-week average is down -14.5% YoY.
• Crude oil refinery inputs increased 330k b/d to 16.4 million b/d, with utilization rising to 90.2%. The 4-week average is up 1.1% YoY.
• Total products supplied over the last 4 weeks averaged 19.83 million b/d, down -1.2% YoY. The 4-week averages for gasoline supplied was up +3.8% YoY, distillates up +1.4% YoY, and jet fuel up +6.4% YoY.
• WTI crude rose +$2.77 to $62.37/bbl WoW, but is still down -$17.44 YoY. Retail gasoline dropped -$0.027 to $3.12/gal, and diesel fell -$0.021 to $3.476/gal.