U.S. commercial crude oil inventories rose +3.0 million bbls (vs -800k bbls expected) last week to 426.7 million bbls, about -6% below the 5-year seasonal average.

• Total commercial petroleum inventories increased +7.5 million bbls, led by a +3.9 million bbl build in propane/propylene.
• Gasoline inventories fell -0.8 million bbls (at 5-year average) while distillates rose +0.7 million bbls but remain -15% below average.
• Crude oil imports jumped +958k b/d to 6.9 million b/d; the 4-week average is down -5.1% YoY.
• Refinery inputs edged up +56k b/d to 17.2 million b/d, with utilization at 96.4%.
• Total products supplied averaged 21.2 million b/d over the past 4 weeks (+2.9% YoY); gasoline -1.5%, distillates -1.6%, jet fuel +4.3%.