U.S. commercial crude oil inventories fell -3.8M bbl WoW (vs +1.1M bbl expected) to 419.1M bbl and remained ~3% below the five-year average, reflecting continued tightness in crude supplies.

• Total commercial petroleum inventories increased +8.1M bbl WoW, as sizable builds in refined products more than offset the crude oil draw.

• Refinery inputs averaged 16.9M bpd (+62k bpd WoW), with utilization holding at 94.7%, indicating steady and elevated refinery operating rates.

• Gasoline production declined to 9.0M bpd, while distillate fuel production rose +81k bpd WoW to 5.3M bpd, showing a shift toward stronger distillate output.

• Motor gasoline inventories increased +7.7M bbl WoW and moved ~3% above the five-year average, pointing to ample gasoline supply despite lower production.

• Distillate fuel inventories rose +5.6M bbl WoW but remained ~43% below the five-year average, underscoring persistent tightness in distillate stocks.

• Crude oil imports averaged 6.3M bpd (+1.4M bpd WoW), though the four-week average remained down -9.7% YoY, indicating structurally lower import flows.

• Over the past four weeks, total products supplied averaged 19.9M bpd (-1.9% YoY), with gasoline demand up +0.5% YoY, distillate demand down -4.3% YoY, and jet fuel demand down -1.9% YoY, highlighting mixed end-use consumption trends.