U.S. commercial crude oil inventories rose +1.8M bbl (vs +1.5M bbl expected) in the week ending September 26th to 416.5M bbl, about 4% below the 5-yr seasonal average, while total petroleum inventories increased +6.4M bbl.

• Refinery inputs averaged 16.2M bpd, down -308k bpd WoW, with utilization easing to 91.4% of operable capacity.

• Gasoline production decreased to 9.3M bpd, while distillate output edged down by -25k bpd to remain at 5.0M bpd.

• Crude oil imports fell to 5.8M bpd, down -662k bpd WoW, and the 4-week average of 6.1M bpd was -7.5% YoY.

• Motor gasoline imports averaged 668k bpd, while distillate imports were 118k bpd.

• Gasoline inventories increased +4.1M bbl, returning to their 5-yr seasonal norm, with both finished gasoline and blending components higher.

• Distillate inventories rose +0.6M bbl but remain 6% below the 5-yr average, highlighting continued tightness.

• Propane/propylene stocks climbed +3.5M bbl and are now 13% above the 5-yr seasonal average.

• Total products supplied averaged 20.3M bpd over the past four weeks, up +1.2% YoY, though gasoline demand was -0.5% YoY, distillates -4.4% YoY, and jet fuel -3.3% YoY.