U.S. commercial crude oil inventories fell -3.5M bbl (vs -2M bbl expected) WoW to 420.3M bbl in the week ending Jan. 30, 2026, reflecting a larger crude draw alongside declining refined product stocks.

• U.S. crude oil refinery inputs averaged 16.0M bpd (-180k bpd WoW), with utilization at 90.5%, indicating slightly lower refinery runs compared with the prior week.

• Gasoline production declined to 9.0M bpd, while distillate fuel production edged lower to 4.8M bpd (-5k bpd WoW), showing softer output across major refined products.

• U.S. crude oil imports rose to 6.2M bpd (+558k bpd WoW), though the four week average remained 3.2% below the same period last year.

• Commercial crude inventories (ex-SPR) decreased -3.5M bbl WoW and stood about 4% below the five year average, signaling relatively tighter crude supply versus seasonal norms.

• Total motor gasoline inventories increased +0.7M bbl WoW and were about 4% above the five year average, with finished gasoline falling and blending components rising.

• Distillate fuel inventories dropped sharply by -5.6M bbl WoW and moved to roughly 2% below the five year average, indicating a notable drawdown in middle distillate stocks.

• Propane/propylene inventories declined -6.2M bbl WoW but remained about 37% above the five year average, continuing to sit well above typical seasonal levels.

• Total products supplied averaged 20.8M bpd over the past four weeks (+0.9% YoY), with gasoline demand slightly above last year, distillate demand -6.2% YoY, and jet fuel demand +4.5% YoY.