U.S. commercial crude oil inventories fell -2.8 million bbls to 440.4 million bbls for the week ending May 23, 2025, down -3.2% YoY and around -6% below the 5-year seasonal average.

• Gasoline inventories declined -2.4 million bbls and sit -3% below the 5-year average; distillate inventories dropped -0.7 million bbls and are -17% below seasonal norms.
• Crude oil net imports (4-week average) rose to 2.29 million b/d, but remain down -4.5% YoY.
• Crude oil refinery inputs decreased -162k b/d to 16.3 million b/d, and utilization fell to 90.2%.
• Total products supplied averaged 19.9 million b/d over 4 weeks, down -0.2% YoY; gasoline down -1.5%, distillates -2.6%, while jet fuel rose +5.3%.
• WTI crude fell to $62.89/bbl (down -$0.95 WoW, -$15.59 YoY); retail gasoline averaged $3.16/gal (down -$0.42 YoY), and diesel $3.49/gal (down -$0.27 YoY).