U.S. commercial crude oil inventories rose +3.9M (vs -1.1M expected) bbl in the week ending September 5, 2025, to 424.6M bbl, about 3% below the 5-yr seasonal average, while total petroleum inventories posted a sharp +15.4M bbl build.

• Crude oil refinery inputs averaged 16.8M bpd, down -51k bpd WoW, with utilization at 94.9% of capacity.

• Gasoline production decreased to 9.6M bpd, while distillate fuel output fell slightly to 5.2M bpd.

• Crude imports averaged 6.3M bpd, down -471k bpd WoW; the 4-week average of 6.4M bpd was -0.5% YoY.

• Gasoline inventories increased +1.5M bbl and are now in line with the 5-yr average; both finished gasoline and blending components rose.

• Distillate inventories rose +4.7M bbl but remain 9% below the 5-yr average, highlighting tighter supply.

• Propane/propylene stocks increased +1.5M bbl and are 12% above the 5-yr seasonal norm.

• Total products supplied averaged 20.9M bpd over the last four weeks, up +2% YoY; gasoline demand slipped -0.6% YoY, while distillates (+2.0% YoY) and jet fuel (+4.9% YoY) strengthened.