U.S. commercial crude oil inventories rose +3.6M bbl WoW to 426.0M bbl in the week ending Jan. 16, 2026, alongside sizable builds in gasoline and distillates.

• U.S. crude oil refinery inputs averaged 16.6M bpd (-354k bpd WoW), with utilization at 93.3%, indicating lower refinery runs versus the prior week.

• Gasoline production slipped to 8.8M bpd, while distillate fuel production fell -210k bpd WoW to 5.1M bpd, pointing to weaker refined product output.

• U.S. crude oil imports averaged 6.4M bpd (-645k bpd WoW); the 4-week average was 6.2M bpd (-5.3% YoY), showing imports remain lower than last year despite weekly volatility.

• Commercial crude inventories (ex-SPR) increased +3.6M bbl WoW to 426.0M bbl and remained ~2% below the five-year average, suggesting crude stocks are still somewhat tight relative to seasonal norms.

• Total motor gasoline inventories rose +6.0M bbl WoW and were ~5% above the five-year average, with both finished gasoline and blending components building.

• Distillate fuel inventories increased +3.3M bbl WoW and were ~1% below the five-year average, indicating supply moved closer to normal levels despite the large weekly build.

• Propane/propylene inventories declined -2.1M bbl WoW but stayed ~39% above the five-year average, remaining elevated versus typical seasonal conditions.

• Total products supplied averaged 19.9M bpd over the past four weeks (+1.5% YoY): gasoline demand was 8.2M bpd (-0.6% YoY), distillate demand was 3.5M bpd (-1.1% YoY), and jet fuel demand was +10.2% YoY, highlighting stronger usage in aviation relative to other major fuels.