Integrated Oil and Midstream "Crude Draw Continues, Gasoline Cracks Rise..."

Research evidence excerpt

Integrated Oil and Midstream "Crude Draw Continues, Gasoline Cracks Rise..."

Global Research

25 June 2026ab

Integrated Oil and Midstream Equities

AmericasCrude Draw Continues, Gasoline Cracks Rise,

CVX-MSFT Agreement, ENB and DTM Meetings Energy

Manav Gupta

Analyst

manav.gupta@ubs.com

Crude Draws - Inventory depletion in focus +1-212-713 4399

DOE reported Crude inventory draw of -6.09MMbls vs. consensus expectations of - Saumya Jain

4.5MMbls draw and API estimate of -0.765MMbls draw. DOE reported gasoline Associate Analyst

inventory build of 2.06MMbls vs. consensus expectations of -0.6MMbls draw and API saumya.jain@ubs.com

estimate of 1.238MMbls build. DOE reported diesel inventory build of 3.06MMbls vs. +1-212-882 0089

consensus expectations of -0.5MMbls draw and API estimate of 1.447MMbls build. US Richard DeDios

refining utilization decreased -0.6% WoW to 96.1%. Generally in the past,this level of Associate Analyst

utilization is not sustainable. Products are not building even with very high US refinery richard.dedios@ubs.com

utilization. +1-212-713 8018

Sumantra Banerjee

Product Inventory Levels Associate Analyst

US diesel inventory is now -9.9% below the 5-year average and 0.7% above last year’s sumantra.banerjee@ubs.com

levels. US gasoline inventory is now -5.3% below the 5-year average and -5.1% below +1-212-713 5104

last year’s levels. PADD 3 diesel inventory is -2.7% below the 5-year average and Ivan Scotto

gasoline inventory is -7.4% below the 5-year average. PADD 1 diesel inventory is - Associate Analyst

28.9% below the 5-year average and gasoline inventory is -2.4% below the 5-year ivan.scotto@ubs.com

average. PADD 2 diesel inventory is -3.1% below the 5-year average and gasoline +1-212-713 3137

inventory is -7.1% below the 5-year average.