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

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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.