U.S. commercial crude oil inventories fell -3.2 million bbls (vs -1.6 million bbls expected) last week to 419 million bbls, about -9% below the 5-year seasonal average.

• Total commercial petroleum inventories declined -5.2 million bbls on the week.
• Gasoline inventories dropped -1.7 million bbls but remain slightly above average; distillate inventories rose +2.9 million bbls but are still -19% below average.
• Crude oil refinery inputs increased +87k b/d to 16.9 million b/d; utilization climbed to 95.5%.
• Crude oil imports decreased -403k b/d to 6.0 million b/d; the 4-week average is down -7.1% YoY.
• Total products supplied averaged 20.6 million b/d over the last 4 weeks, slightly above YoY; gasoline -4.9%, distillates -1.0%, jet fuel +1.5%.