DOE Quick Takes: Crude Stocks Freefall; Refinery Utilization Flying High

Research evidence excerpt

DOE Quick Takes: Crude Stocks Freefall; Refinery Utilization Flying High

June 17, 2026 | 15:30 ET~

Oil & Gas Oil & Gas

Randy Ollenberger Analyst

randy.ollenberger@bmo.com (403) 515-1502

Tariq Saad, CFA Analyst

DOE Quick Takes: Crude Stocks Freefall; Refinery tariq.saad@bmo.com (403) 515-1519

AnalystUtilization Flying High Jeremy McCrea, CFA

jeremy.mccrea@bmo.com (403) 355-1444

Bottom Line: David Lee, CFA Senior Associate

This week's DOE report was once again bullish, supported by another large crude and David6.lee@bmo.com (403) 355-1451

SPR draw alongside falling Cushing stocks. The headline draw was primarily driven by Legal Entity: BMO Nesbitt Burns Inc.

lower net imports and stronger refinery runs, with utilization pushing further above

seasonal norms. Cushing stocks dropped to near operationally critical levels. On the

product side, gasoline inventories posted a draw while distillates posted a build, with

both products posting material draws year to date.

Key Points

Crude draw continues. The DOE reported a crude draw of 8.26 mmbbl, well above

consensus expectations for a 3.69 mmbbl draw and in line with the API-reported 8.33

mmbbl draw. Steep draws are expected to persist in the coming weeks as delayed

cargoes clear the SoH and physical balances normalize. The SPR posted a further

8.94 mmbbl draw, while Cushing inventories declined by 1.61 mmbbl to 20.0 mmbbl,

approaching operational minimum levels. The headline crude draw was driven by a 241

mb/d decline in net imports and a 230 mb/d increase in refinery runs, partially offset

by a 266 mb/d increase in the "supply adjustment" factor. Refinery utilization rose by

140 bps to 96.7%, moving further above the upper end of the typical seasonal range.

Gasoline draws; distillates build.