U.S. commercial crude oil inventories fell -2.3M bbl (vs +1.75M bbl expected) WoW to 423.8M bbl in the week ending Jan. 23, 2026, reflecting a modest draw alongside mixed refined product builds.

• U.S. crude oil refinery inputs averaged 16.2M bpd (-395k bpd WoW), with utilization at 90.9%, indicating lower refinery runs compared with the prior week.

• Gasoline production increased to 9.6M bpd, while distillate fuel production declined -268k bpd WoW to 4.8M bpd, showing divergent trends across refined products.

• U.S. crude oil imports averaged 5.6M bpd (-804k bpd WoW); the 4-week average was 6.4M bpd (-0.9% YoY), indicating imports remain slightly below last year’s pace.

• Commercial crude inventories (ex-SPR) decreased -2.3M bbl WoW to 423.8M bbl and remained about 3% below the five-year average, signaling relatively tight crude supply versus seasonal norms.

• Total motor gasoline inventories rose +0.2M bbl WoW and stood about 5% above the five-year average, with finished gasoline increasing while blending components declined.

• Distillate fuel inventories increased +0.3M bbl WoW and were about 1% above the five-year average, moving slightly above typical seasonal levels.

• Propane/propylene inventories fell -4.7M bbl WoW but remained about 41% above the five-year average, continuing to sit well above normal seasonal stocks.

• Total products supplied averaged 20.3M bpd over the past four weeks (-0.1% YoY), with gasoline demand 8.3M bpd (-0.4% YoY), distillate demand 3.7M bpd (-4.8% YoY), and jet fuel demand +5.5% YoY, highlighting stronger aviation usage relative to other fuels.