U.S. commercial crude inventories rose +0.6M bbl (vs -0.8M bbl expected) WoW to 427.5M bbl in the week ending November 28, 2025, about 3% below the five year average, as higher refinery runs and gasoline builds supported an overall stock increase.

• Refinery inputs increased +433k bpd to 16.9M bpd, pushing utilization to 94.1%, while gasoline production rose to 9.8M bpd and distillate output increased +53k bpd to 5.1M bpd, signaling stronger processing activity.

• Crude imports fell -456k bpd to 6.0M bpd WoW, and the four week average of 5.9M bpd was -14.4% YoY, indicating notably lower import demand versus last year.

• Motor gasoline imports averaged 772k bpd and distillate imports averaged 190k bpd, both reflecting steady inflows alongside elevated refinery output.

• Gasoline inventories rose +4.5M bbl WoW and sat ~2% below their five year average, with increases in both finished gasoline and blending components.

• Distillate inventories increased +2.1M bbl but remained ~7% below typical levels, pointing to continued seasonal tightness; propane and propylene stocks fell -0.7M bbl yet held ~15% above average.

• Total commercial petroleum inventories increased +5.2M bbl as product builds outweighed the modest crude increase.

• Total products supplied averaged 20.3M bpd over the past four weeks (-0.5% YoY), with gasoline demand down -1.2% YoY, distillate demand down -2.0% YoY, and jet fuel demand down -1.9% YoY, indicating slightly softer consumption across major fuels.