U.S. commercial crude oil inventories rose +3.8 million bbls (vs -2.0 mil bbls expected) to 419 million bbls for the week ending June 27, 2025, about -9% below the 5-year seasonal average.

• Gasoline inventories increased +4.2 million bbls and are about -1% below average; distillate inventories fell -1.7 million bbls and remain -21% below average.
• Total commercial petroleum inventories increased +9.4 million bbls on the week.
• Crude oil refinery inputs rose +118k b/d to 17.1 million b/d; refinery utilization edged up to 94.9%.
• Crude oil imports surged +976k b/d to 6.9 million b/d; 4-week average is down -13.9% YoY.
• Total products supplied over the past 4 weeks averaged 20.3 million b/d, down -1.1% YoY; gasoline -0.1%, distillates +0.6%, jet fuel +2.4%.