U.S. commercial crude oil inventories fell -3.9 million bbls (vs -900k bbls expected) to 422.2 million bbls last week, about-8% below the 5-year seasonal average.

• Total commercial petroleum inventories rose +9.3 million bbls on the week.
• Gasoline inventories rose +3.4 million bbls and are slightly above average; distillate inventories increased +4.2 million bbls but remain -21% below average.
• Crude oil refinery inputs declined -158k b/d to 16.8 million b/d; refinery utilization dropped to 93.9%.
• Crude oil imports increased +366k b/d to 6.4 million b/d; the 4-week average is down -6.3% YoY.
• Total products supplied averaged 20.3 million b/d over the last 4 weeks, down -1.1% YoY; gasoline -1.6%, distillates +4.4%, jet fuel +3.0%.
• Propane/propylene stocks rose +4.5 million bbls and are now 14% above the 5-year average.