U.S. commercial crude oil inventories fell -3.4M bbl WoW (vs -0.6M bbl WoW expected) to 424.2M bbl in the week ending November 14, 2025, about 5% below the five-year average, reflecting a draw despite stronger refinery runs and higher crude imports.

• Refinery inputs rose +258k bpd WoW to 16.2M bpd, with utilization increasing to 90.0%, indicating solid processing activity.

• Gasoline production fell to 9.3M bpd and distillate production declined -116k bpd to 4.9M bpd, showing softer output for both major products.

• Crude imports increased +729k bpd WoW to 6.0M bpd, though the four-week average of 5.5M bpd remained -16.1% YoY, highlighting weaker import demand versus last year.

• Motor gasoline inventories rose +2.3M bbl but remained ~3% below seasonal norms; finished gasoline stocks declined while blending components increased.

• Distillate inventories increased +0.2M bbl but stayed ~7% below the five-year average, pointing to continued tightness in middle distillates.

• Propane/propylene inventories were unchanged WoW and stayed 16% above the five-year average, indicating ample supply.

• Total commercial petroleum inventories fell -2.7M bbl as product builds were outweighed by crude draws.

• Total products supplied averaged 20.6M bpd over the past four weeks (-0.2% YoY), with gasoline demand down -1.2% YoY, distillate demand up +0.2% YoY, and jet fuel demand up +2.7% YoY.