U.S. commercial crude oil inventories declined by -1.9M bbl to 422.9M bbl and stayed ~3% below the five-year average, indicating continued relative tightness in crude stocks.

• Total commercial petroleum inventories rose +10.2M bbl WoW, reflecting large builds in refined products that outweighed the crude draw.

• Refinery inputs averaged 16.8M bpd (+71k bpd WoW), with utilization edging up to 94.7%, pointing to slightly higher crude processing.

• Gasoline production declined to 9.5M bpd, while distillate fuel production fell -77k bpd WoW to 5.2M bpd, showing softer refined product output.

• Motor gasoline inventories increased +5.8M bbl WoW and moved ~2% above the five-year average, while distillate inventories rose +5.0M bbl but remained ~4% below average.

• Propane and propylene inventories increased +0.8M bbl and stood ~27% above the five-year average, indicating ample supply in that segment.

• Crude oil imports averaged 5.0M bpd (-1.1M bpd WoW), with four-week average imports down -7.2% YoY, pointing to reduced inflows.

• Over the past four weeks, total products supplied averaged 20.3M bpd (slightly below YoY), with gasoline demand up +0.4% YoY, distillate demand up +0.3% YoY, and jet fuel demand down -2.1% YoY.