Summary of Weekly Oil Data Industry Overview - The report focuses on the oil industry, specifically crude oil and refined products in the United States. Key Points Crude Oil Inventory and Production - Crude oil inventories decreased by 1.0 million barrels (Mb), contrasting with the consensus expectation of an increase of 1.2 Mb and the 5-year average increase of 1.6 Mb [1] - API data indicated a larger draw of 3.0 Mb [1] - Crude production remained stable at 13.6 million barrels per day (Mb/d) [1] - Refinery utilization increased by 290 basis points week-over-week (w/w) to 88.6% of operable capacity, against a consensus expectation of a decrease of 40 basis points [1] Product Demand and Consumption - Implied oil products consumption rose by 0.3 Mb/d w/w to 20.0 Mb/d, primarily driven by propane, which increased by 0.4 Mb/d [2] - Total demand over a 4-week average remained flat at 20.5 Mb/d [2] Product Inventories - Total product inventories fell by 3.2 Mb to 862 Mb, led by a decrease in gasoline inventories by 2.1 Mb, which was larger than the consensus decrease of 0.8 Mb [3] - Jet fuel and distillate inventories also decreased by 1.5 Mb each, while gains were seen in "Others" (+1.3 Mb), propane (+0.8 Mb), and fuel oil (+0.5 Mb) [3] Detailed Weekly Petroleum Status Report - Crude oil production was reported at 13,629 kb/d, with a slight decrease of 7 kb/d [4] - Crude oil imports increased by 393 kb/d to 5,918 kb/d [4] - Exports of crude oil decreased by 263 kb/d to 4,203 kb/d [4] - Total crude oil stocks were reported at 422.8 Mb, down by 1.0 Mb [4] - Gasoline production increased by 134 kb/d to 9,612 kb/d, while gasoline stocks decreased by 2.1 Mb to 216.7 Mb [4] - Middle distillate production rose by 40 kb/d to 4,632 kb/d, with stocks down by 1.5 Mb to 115.6 Mb [4] Market Dynamics - The report indicates a bullish sentiment in the crude oil market due to the unexpected draw in inventories and increased refinery utilization [1][4] - The overall demand for oil products remains stable, with fluctuations in specific categories such as propane and distillates [2][3] Additional Insights - The report highlights the importance of monitoring both inventory levels and production rates to gauge market conditions and potential investment opportunities in the oil sector [1][2][3] - The data suggests that while there are fluctuations in specific product demands, the overall market remains resilient, indicating potential stability in oil prices moving forward [2][3] This summary encapsulates the critical data and insights from the weekly oil report, providing a comprehensive overview of the current state of the oil industry in the United States.

Investment Rating - The report does not explicitly state an investment rating for the oil industry Core Insights - Global oil demand averaged 104.3 million barrels per day (mbd) through June 24, showing year-over-year growth of 410 thousand barrels per day (kbd), but 130 kbd lower than the forecasted growth of 540 kbd for June [4] - Visible OECD commercial oil inventories decreased by 10 million barrels (mb) during the third week of June, with crude oil inventories dropping by 9 mb and oil product stocks falling by 1 mb [4] - Global liquid inventories have increased for the fourth consecutive week, rising by 9 mb in the third week of June, with a month-to-date build of 39 mb in June [4][5] Summary by Sections Oil Demand - US gasoline and jet fuel demand remained strong due to seasonal travel, while industrial fuel consumption was weak, with propane and distillate demand at post-pandemic lows [4] - Year-to-date global oil demand growth is at 1.01 mbd, closely aligning with the revised forecast of 1.06 mbd [4] Inventory Trends - OECD liquid stocks shifted from a 4 mb build in the first two weeks of June to a 6 mb decline, with crude inventories down by 21 mb and product inventories up by 15 mb [4] - The accumulation of oil product stocks has accelerated in June, marking the highest rate of build in 13 months [5] Regional Insights - South Korea reported a year-over-year decline in oil consumption statistics for May, with total oil demand in eight European economies declining by 30 kbd YoY in January [30][73] - Naphtha demand in East Asia remained stable despite initial disruptions, while Southeast Asian imports may face risks due to increased tariffs [4]

Summary of J.P. Morgan Oil Demand & Inventory Tracker Industry Overview - The report focuses on the global oil industry, specifically analyzing oil demand and inventory levels as of May 29, 2025. Key Points 1. **Global Oil Demand Increase** Global oil demand has improved, primarily driven by a rebound in US oil consumption due to strong Memorial Day travel activities. As of May 28, the monthly expansion in global oil demand is tracking at approximately 400 thousand barrels per day (kbd), although it remains 250 kbd below expectations [3][4][5]. 2. **US Oil Consumption** US oil consumption has been significantly lifted by robust gasoline demand, particularly during the Memorial Day weekend and the start of the summer driving season. Distillate demand in the US surged as port activity improved, with container arrivals rising from 75.7k to 102.8k containers last week [3][4]. 3. **Chinese Trade Activity** In the week ending May 25, port container throughput in China increased to 6.56 million tonnes, marking the second highest level for the year. Overall port cargo volumes surged to 271 million tonnes, indicating robust trade activity despite tariff uncertainties [3][4]. 4. **Regional Challenges** The early onset of the monsoon season in the Indian subcontinent poses challenges for travel demand. Last year, high temperatures followed by monsoon rains led to a significant reduction in India's oil demand growth during the June-July period, dropping from 240 kbd to 120 kbd [3][4]. 5. **OECD Oil Inventories** Visible OECD commercial oil inventories rose by 2 million barrels (mb) in the fourth week of May, attributed to a 4 mb increase in oil product inventories, offsetting a 2 mb drop in crude oil stocks. Month-to-date, OECD stocks have expanded by 30 mb [3][4]. 6. **Global Liquid Inventories** Total global liquid inventories edged up slightly, with crude oil stocks falling by 1 mb while oil product inventories increased by 2 mb. Month-to-date, global liquid inventories have risen by 63 mb, with crude oil stocks up by 67 mb [3][4]. Additional Insights - The report highlights the importance of seasonal travel patterns in influencing oil demand, particularly in the US. - It also notes the impact of external factors such as weather patterns in India and trade uncertainties in China on regional oil consumption. - The increase in OECD inventories suggests a potential oversupply situation, which could affect future oil prices and market dynamics [3][4][5].