Exports Stay Elevated; Larger Crude/Lower Gasoline Draws; Surprise Diesel Build

Research evidence excerpt

Exports Stay Elevated; Larger Crude/Lower Gasoline Draws; Surprise Diesel Build

USA | Energy EquityMayResearch20, 2026

Exhibit 1 - Total Oil and Products ExportsExports Stay Elevated; Larger Crude/Lower

Gasoline Draws; Surprise Diesel Build

Inventories drew overall this week, with combined crude oil, gasoline and

distillate stocks decreasing ~9.04mn bbl vs the BBG median estimate of a

~6.31mn bbl overall draw.

Oil+products exports are still elevated (Ex 1), with crude exports increasing .Source: Bloomberg, EIA, Jefferies.

WoW (Ex 2). Oil+products inventories dipped below last year's levels - around

Exhibit 2 - Crude Exports

the low end of 5-yr range (Ex 3).

PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILED

SLIDES AND GRAPHICS OF THE RELEASED DATA

Crude oil inventories drew ~7.86mn bbl vs the BBG median estimate of a ~2.50mn bbl draw.•

Gasoline inventories drew ~1.55mn bbl vs the BBG median estimate of a ~2.16mn bbl draw. .•

Distillate inventories built ~0.37mn bbl vs the BBG median estimate of a ~1.65mn bbl draw. Source: Bloomberg, EIA, Jefferies.•

Cushing crude stocks drew ~1.60mn bbl to ~25.82mn bbl, ~10% higher y/y.• Exhibit 3 - Total Oil and Products Inventory

Refinery runs decreased ~79kpbd WoW to ~16.32mmbpd, ~1% lower y/y. Including SPR•

Implied crude oil demand increased ~0.62mmbpd WoW to ~20.84mmbpd, ~8% above year-•

ago 3-wk moving avg.

Implied gasoline demand decreased ~209kbpd WoW to ~9.59mmbpd, ~1% below year-ago•

3-wk moving avg.

Implied distillate demand increased ~147kbpd WoW to ~5.13mmbpd, ~3% above year-ago•

Crude adjustment factor was (830) kbpd, a decrease of 774kbpd vs week-ago level of (56) .• Source: Bloomberg, EIA, Jefferies.

kbpd.

Weekly Change in Oil and Products Inventory

2,000

-

(2,000)

(1,548) (1,650)

(2,500) (2,159)