Inventory Draw Again; Larger Crude/Gasoline Draws, Distillate Build

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Inventory Draw Again; Larger Crude/Gasoline Draws, Distillate Build

USA | Energy EquityJulyResearch1, 2026

Exhibit 1 - Total Oil and Products ExportsInventories Draw Again; Larger Crude/Gasoline

Draws, Distillate Build

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

distillate stocks decreasing ~3.63mn bbl vs the BBG median estimate of a

~2.12mn bbl overall draw.

.

Total exports back in 5yr range (Ex 1). Oil+products stocks (incl SPR) keep Source: Bloomberg, EIA, Jefferies.

plunging (Ex 2); Cushing built WoW (Ex 3). Gasoline inventory still low, led by Exhibit 2 - Total Oil and Products Inventory

PADD III (Ex 4). Including SPR

PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILED

SLIDES AND GRAPHICS OF THE RELEASED DATA

Crude oil inventories drew ~3.78mn bbl vs the BBG median estimate of a ~2.26mn bbl draw.•

Gasoline inventories drew ~2.33mn bbl vs the BBG median estimate of a ~0.86mn bbl draw.•

Distillate inventories built ~2.48mn bbl vs the BBG median estimate of a ~1.00mn bbl build. .Source: Bloomberg, EIA, Jefferies.•

Cushing crude stocks built ~0.71mn bbl to ~19.67mn bbl, ~5% lower y/y.•

Refinery runs increased ~85kpbd WoW to ~17.20mmbpd, ~1% higher y/y. Exhibit 3 - Cushing Crude Inventory•

Implied crude oil demand decreased ~0.63mmbpd WoW to ~19.63mmbpd, ~3% below year-•

ago 3-wk moving avg.

Implied gasoline demand increased ~610kbpd WoW to ~10.15mmbpd, ~2% above year-ago•

3-wk moving avg.

Implied distillate demand increased ~14kbpd WoW to ~4.94mmbpd, ~7% below year-ago 3-•

wk moving avg.

Crude adjustment factor was 404kbpd, an increase of 567kbpd vs week-ago level of (163) .• Source: Bloomberg, EIA, Jefferies.

kbpd.

Exhibit 4 - Gasoline Inventory - PADD III

Weekly Change in Oil and Products Inventory

3,000 2,483

2,000

1,000

-