U.S. commercial crude oil inventories fell -9.3M (vs -1.5M expected) bbl in the week ending September 12th, to 415.4M bbl, about 5% below the 5-yr seasonal average, while total petroleum inventories posted a modest +1.2M bbl build.

• Refinery inputs averaged 16.4M bpd, down -394k bpd WoW, with utilization at 93.3% of capacity, indicating a slight pullback in activity.

• Gasoline production decreased to 9.4M bpd, while distillate fuel output fell -274k bpd WoW to 5.0M bpd.

• Crude oil imports averaged 5.7M bpd, down -579k bpd WoW; the 4-week average of 6.2M bpd was -2.4% YoY.

• Gasoline inventories declined -2.3M bbl and are now 1% below the 5-yr seasonal norm, with both finished gasoline and blending components falling.

• Distillate inventories rose +4.0M bbl but remain 8% below the 5-yr average, underscoring structural tightness in supply.

• Propane/propylene stocks increased +1.3M bbl and are 12% above the 5-yr average, reflecting comfortable supply conditions.

• Total products supplied averaged 20.7M bpd over the last four weeks, up +1.7% YoY; gasoline demand edged up +0.5% YoY, distillates fell -1.8% YoY, while jet fuel demand rose +1.1% YoY.