Inventories Down; Larger Crude Draw, But Unexpected Gasoline/Distillate Builds

Research evidence excerpt

Inventories Down; Larger Crude Draw, But Unexpected Gasoline/Distillate Builds

USA | Energy EquityJuneResearch24, 2026

Exhibit 1 - Total Oil and Products ExportsInventories Down; Larger Crude Draw, But

Unexpected Gasoline/Distillate Builds

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

distillate stocks decreasing ~0.96mn bbl vs the BBG median estimate of a

~5.75mn bbl overall draw.

Total exports still elevated, but have been coming down (Ex 1). Oil+products .Source: Bloomberg, EIA, Jefferies.

inventories (incl SPR) continue to plunge (Ex 2) as gasoline inventory remains

Exhibit 2 - Total Oil and Products Inventory

below 5yr range (Ex 3). Including SPR

PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILED

SLIDES AND GRAPHICS OF THE RELEASED DATA

Crude oil inventories drew ~6.09mn bbl vs the BBG median estimate of a ~3.60mn bbl draw.•

Gasoline inventories built ~2.06mn bbl vs the BBG median estimate of a ~1.10mn bbl draw.•

Distillate inventories built ~3.06mn bbl vs the BBG median estimate of a ~1.05mn bbl draw. .• Source: Bloomberg, EIA, Jefferies.

Cushing crude stocks drew ~1.08mn bbl to ~18.96mn bbl, ~15% lower y/y.•

Refinery runs decreased ~80kpbd WoW to ~17.11mmbpd, ~1% higher y/y. Exhibit 3 - Gasoline Inventory•

Implied crude oil demand increased ~0.14mmbpd WoW to ~20.26mmbpd, largely in line with•

year-ago 3-wk moving avg.

Implied gasoline demand decreased ~664kbpd WoW to ~9.54mmbpd, ~6% below year-ago•

3-wk moving avg.

Implied distillate demand decreased ~239kbpd WoW to ~4.93mmbpd, ~4% below year-ago•

Crude adjustment factor was (163) kbpd, an increase of 107kbpd vs week-ago level of (270) .• Source: Bloomberg, EIA, Jefferies.

kbpd.

Exhibit 4 - Cushing Crude Inventory

Weekly Change in Oil and Products Inventory

4,000 3,064