U.S. commercial crude oil inventories rose +0.4M bbl (vs -2.4M bbl expected) WoW and remained ~3% below the five-year average, indicating still-tight crude supplies despite a weekly build.

• Total commercial petroleum inventories rose +0.7M bbl WoW, reflecting modest overall stock builds across crude and refined products.

• Refinery inputs averaged 16.8M bpd (-212k bpd WoW), with utilization easing to 94.6%, pointing to slightly lower crude processing activity.

• Gasoline production increased to 9.8M bpd, while distillate fuel production rose +108k bpd WoW to 5.3M bpd, showing higher refined product output despite reduced crude runs.

• Motor gasoline inventories increased +2.9M bbl WoW and moved slightly above the five-year average, while distillate inventories rose +0.2M bbl but remained ~5% below average.

• Propane and propylene inventories declined -0.5M bbl WoW yet stayed ~22% above the five-year average, indicating ample supply.

• Over the past four weeks, total products supplied averaged 20.5M bpd (-0.8% YoY), with gasoline demand down -1.9% YoY, distillate demand down -0.4% YoY, and jet fuel demand down -3.1% YoY, signaling softer year-over-year fuel consumption.