EIA Weekly Data: Key Takeaways for Week of 7/3 Data

Research evidence excerpt

EIA Weekly Data: Key Takeaways for Week of 7/3 Data

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

09 July 2026

EIA Weekly Data

Key Takeaways for Week of 7/3 Data

Gasoline inventories draw. Clean products drew by 6.884mm bbls (five-year Oil & Gas Exploration & Production

ACseasonal average 1.648mm bbl build). Gasoline drew for the second straight week Arun Jayaram

(15.9mm bbl below five-year average inventory levels), and diesel drew following (1-212) 622-8541

three straight builds (16.7mm bbl below five-year average inventory levels). On a arun.jayaram@jpmchase.com

four-week moving average basis compared with five-year averages, gasoline Pankaj Bhatter, CFA

demand was -0.6% (+0.9% last week) and diesel demand was -0.4% (+0.1% last (1-212) 622-3795

week) – see Figures 10 and 11, below. pankaj.bhatter@jpmchase.com

Kartikey H Pandey

Commercial crude inventories built following ten straight draws, by 2.998mm (1-212) 622-5006

kartikey.pandey@jpmorgan.com

bbls, while the SPR drew for the fifteenth straight week, by 6.166mm bbls. Cushing J.P. Morgan Securities LLC

drew following a build, by 52k bbls. Cushing inventories are now ~19.614mm

bbls, below seasonal ranges (capacity 76mm bbls, per EIA). The build was driven

by higher net imports (+1.096mmbpd, imports +350kbpd w/w, exports -746kbpd

w/w), lower refinery runs (-172kbpd w/w to 17.024mmbpd, total utilization -80bps

to 95.8%) and higher production w/w (+50kbpd w/w to 13.86mmbpd; L48

+35kbpd w/w, Alaska +15kbpd w/w). The variance factor had a 8.577mm bbl

absolute build effect.

Gasoline inventories drew for the second straight week by 1.904mm bbls (5-yr

avg: -984k bbls). The draw was driven by lower production w/w (-233kbpd w/w)

lower net imports (-226kbpd w/w), partially offset by lower demand w/w (-