U.S. commercial crude oil inventories rose +5.2M bbl (vs +0.6M bbl expected)WoW in the week ending Oct. 31, 2025, to 421.2M bbl, about 4% below the 5-yr seasonal average, marking the first sizable build in several weeks amid higher imports and steady refinery activity.

• Refinery inputs averaged 15.3M bpd (+37k bpd WoW), with utilization at 86%, showing stable refinery throughput heading into November.

• Gasoline production increased to 9.8M bpd, while distillate fuel output rose +211k bpd to 4.7M bpd, reflecting stronger refining runs.

• Crude imports climbed +873k bpd WoW to 5.9M bpd, though the 4-week average of 5.6M bpd was –7.3% YoY, indicating lower import demand versus 2024.

• Gasoline inventories fell –4.7M bbl WoW and sit ~5% below the 5-yr average, with declines in both finished gasoline and blending components.

• Distillate stocks slipped –0.6M bbl, remaining ~9% below their 5-yr norm, underscoring ongoing tightness in middle distillates.

• Propane/propylene inventories rose +0.4M bbl and remain 15% above the 5-yr average, indicating ample supply in that category.

• Total commercial petroleum inventories edged up +0.6M bbl, as crude builds offset product draws.

• Product supplied averaged 20.3M bpd (–1.2% YoY) over the past four weeks, with gasoline (–2.1% YoY) and distillates (–1.7% YoY) down, while jet fuel demand increased +6.2% YoY, signaling robust travel activity.