EIA: Crude Stocks Hit 8-Month Low, Distillates Rebound


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. commercial crude oil inventories continued their 
downward trend, declining for an eighth consecutive week, while distillate fuel 
inventories increased after reaching historically tight levels, according to 
Energy Information Administration data for the week ended June 12 released 
Wednesday (6/17). Gasoline inventories declined while jet fuel inventories 
moved lower.

   Commercial crude oil inventories fell by 8.3 million bbl to 418.2 million 
bbl during the week profiled, the lowest commercial crude oil inventory level 
since the week ended October 24, 2025, when stocks stood at 415.8 million bbl. 
The latest weekly decline was also the largest crude inventory draw since the 
week ended February 13, 2026, when inventories fell by 9 million bbl.

   Crude oil imports averaged 5.134 million bpd in the profiled week, down by 
754,000 bpd from the previous week. Over the last four weeks, crude imports 
averaged 6.162 million bpd, up 1.1% from the same period last year. Crude oil 
exports averaged 4.327 million bpd last week, down from 4.840 million bpd the 
week prior but above the 3.514 million bpd reported a year earlier.

   Distillate fuel inventories rose by 1 million bbl to 103.1 million bbl 
during the reference week after reaching the second-lowest seasonal inventory 
level since 2003 the prior week. Despite the increase, inventories remained 5.4 
million bbl, or 5%, below the same week last year and continued among the 
tightest seasonal levels in more than two decades. Distillate inventories 
remained above the week ended May 22, 2026, when stocks reached 100.7 million 
bbl, the lowest level since 2003, and above the week ended May 23, 2003, when 
inventories stood at 101.5 million bbl.

   Total motor gasoline inventories fell by 900,000 bbl to 214.2 million bbl 
during the week profiled, returning to the lowest inventory level since the 
week ended November 28, 2025, when inventories stood at 214.4 million bbl. On 
an annual basis, gasoline inventories were down 14.8 million bbl, or 6.5%, from 
the same week last year.

   Jet fuel inventories declined by 1.1 million bbl to 45 million bbl last week 
and were up 800,000 bbl, or 1.8%, from year-ago levels.

   Refinery utilization increased to 96.7% of operable capacity last week from 
95.3% in the prior week. Crude oil inputs into refineries averaged 17.192 
million bpd, up by 230,000 bpd from the previous week's 16.962 million bpd.

   Total products supplied over the last four weeks averaged 20.781 million 
bpd, up 3.2% from the same period last year. Gasoline demand averaged 8.982 
million bpd, up 1.1% from year-ago levels, while distillate demand averaged 
3.869 million bpd, higher by 6.4% from the previous year.




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