U.S. commercial crude inventories fell -1.8M bbl (vs -2.3M bbl) WoW to 425.7M bbl in the week ending December 5, 2025, about 4% below the five year average, reflecting a modest stock draw despite higher imports.

• Refinery inputs averaged 16.9M bpd, down -17k bpd WoW, with utilization at 94.5%; gasoline production fell to 9.6M bpd while distillate output rose +380k bpd to 5.4M bpd, indicating mixed processing trends.

• Crude imports increased +609k bpd to 6.6M bpd, though the four week average of 6.2M bpd remained -7.7% YoY, showing continued weakness in import demand versus last year.

• Gasoline imports averaged 659k bpd and distillate imports 181k bpd, consistent with steady inflows alongside higher distillate production.

• Gasoline inventories rose +6.4M bbl WoW, placing stocks about 1% below the five year average as both finished gasoline and blending components increased.

• Distillate inventories increased +2.5M bbl but remained roughly 7% below typical seasonal levels, pointing to ongoing tightness in middle distillates.

• Propane and propylene inventories fell -1.8M bbl, though stocks stayed 15% above the five year average, highlighting ample availability.

• Total commercial petroleum inventories declined -3.2M bbl, as crude and propane draws outweighed gasoline and distillate builds.

• Total products supplied averaged 20.4M bpd over the past four weeks (+1.6% YoY); gasoline demand was down -1.3% YoY, distillate demand rose +3.4% YoY, and jet fuel demand slipped -0.8% YoY, showing mixed consumption across major fuel categories.