U.S. commercial crude oil inventories rose 7.1 million bbls (vs -2.0 million bbls expected) to 426 million bbls for the week ending July 4, 2025, roughly -8% below the 5-year seasonal average.

• Gasoline inventories fell -2.7 million bbls (vs -1.7 million bbls expected) and are now about -1% below average; distillate inventories declined -0.8 million bbls and remain -23% below average.
• Total commercial petroleum inventories increased +6.4 million bbls on the week.
• Crude oil refinery inputs fell -98k b/d to 17.0 million b/d; refinery utilization edged down to 94.7%.
• Crude oil imports dropped -906k b/d to 6.0 million b/d; 4-week average is down -9.6% YoY.
• Total products supplied averaged 20.6 million b/d over the last 4 weeks, down -1.6% YoY; gasoline -1.0%, distillates +3.8%, jet fuel +1.7%.