California Refining Clean Products Build ~0.6 mmbbl w/w; Remain Below Seasonal Lows

Research evidence excerpt

California Refining Clean Products Build ~0.6 mmbbl w/w; Remain Below Seasonal Lows

J P M O R G A N North America Equity Research

02 July 2026

California Refining

Clean Products Build ~0.6 mmbbl w/w; Remain Below

Seasonal Lows

Weekly data for California (week ended 6/26) were recently reported. Total clean Oil & Gas Exploration & Production

ACproducts built by ~639 kbbls w/w, ~2.4 mmbbls below the 2021-25 average. On Arun Jayaram

specifics for this week's data, gasoline inventories built by ~445 kbbls (~1,880 (1-212) 622-8541

kbbls below the 2021-25 seasonal average), while gasoline production decreased arun.jayaram@jpmchase.com

by ~41 kbpd to ~752 kbpd (~214 kbpd below the 2021-25 average). Diesel Kartikey H Pandey

inventories built by ~194 kbbls (~560 kbbls below the 2021-25 seasonal average), (1-212) 622-5006

and diesel production increased by ~3 kbpd to ~216 kbpd (~45 kbpd below the kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

2021-25 seasonal average). Crude input decreased by ~10 kbd w/w to ~1.230 kbpd

(below seasonal lows, ~186 kbpd below the 2021-25 average). Crude inventories

drew by ~392 kbbls to ~8.489 kbbls, below seasonal lows. On crack spreads, LA

gasoline cracks were up w/w, near seasonal highs, and diesel cracks were up w/w,

in the top half of the seasonal range.

Table 1: California Weekly Data Summary

‘000 bbls (inventories), kbpd (throughput/production)

Gasoline Distillate Gasoline Distillate Crude Crude

Inventories Inventories production production Inventories Input

This Week 10,317 2,834 752 216 8,489 1,230

Last Week 9,872 2,640 793 213 8,881 1,241

w/w Change 445 194 (41) 3 (392) (10)

One Year Ago 12,249 2,827 941 226 11,878 1,411

y/y Change (1,932) 7 (189) (10) (3,389) (180)

Five Year Average (2021-2025) 12,197 3,394 966 261 12,718 1,416