Oil Slips as EIA Reports Crude Draw, Sharp Builds in Gasoline, Distillate Stocks

Core Insights - U.S. crude oil inventories experienced a significant draw, while gasoline and distillate stockpiles saw notable increases [1][6] Inventory Changes - U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 3.8 million barrels, totaling 419.1 million barrels, which is approximately 3% below the five-year average for this time of year [2] - Motor gasoline inventories rose by 7.7 million barrels, now about 3% above the five-year average, while distillate fuel inventories increased by 5.6 million barrels but remain about 43% below the five-year average [5] Refinery and Production Activity - Refinery activity increased, with crude oil inputs averaging 16.9 million barrels per day, up 62,000 bpd from the previous week, and refineries operating at 94.7% of capacity [3] - Gasoline production decreased to an average of 9.0 million bpd, while distillate fuel production rose by 81,000 bpd to an average of 5.3 million bpd [3] Import Trends - Crude oil imports surged to an average of 6.3 million bpd, up 1.4 million bpd from the previous week, although over the past four weeks, imports averaged about 6.0 million bpd, down 9.7% compared to the same period last year [4] Supply Metrics - Over the past four weeks, total products supplied averaged 19.9 million bpd, a decrease of 1.9% from the same period last year, with motor gasoline product supplied increasing by 0.5% while distillate fuel and jet fuel product supplied fell by 4.3% and 1.9%, respectively [7]