U.S. commercial crude inventories rose +2.8M bbl (vs -0.5M bbl expected) WoW to 426.9M bbl in the week ending November 21, 2025, about 4% below the five year average, reflecting a build alongside stronger refinery activity and higher imports.

• Refinery inputs increased +211k bpd to 16.4M bpd, pushing utilization to 92.3% and indicating robust processing levels.

• Gasoline production rose to 9.6M bpd and distillate production increased +87k bpd to 5.0M bpd, showing firmer output for both major product categories.

• Crude imports averaged 6.4M bpd (+486k WoW), though the four week average of 5.9M bpd remained -11.2% YoY, highlighting reduced import demand versus last year.

• Motor gasoline inventories increased +2.5M bbl and remained ~3% below the five year average, with blending components up and finished gasoline down.

• Distillate inventories rose +1.1M bbl but stayed ~5% below seasonal norms, signaling continued tightness.

• Propane/propylene inventories fell -1.1M bbl yet stood 16% above the five year average, indicating ample supply.

• Total commercial petroleum inventories increased +1.6M bbl as product builds outweighed the crude draw.

• Total products supplied averaged 20.4M bpd over the past four weeks (-0.1% YoY), with gasoline demand up +0.1% YoY, distillate down -0.2% YoY, and jet fuel down -4.7% YoY.