U.S. commercial crude oil inventories have decreased in June

For the week ending June 19, 2026, U.S. refineries processed 17.1 million barrels per day (b/d) of crude oil, down 81,000 b/d from the previous week, and they operated at 96.1% capacity utilization. Gasoline production averaged 9.5 million b/d, and distillate production increased to 5.2 million b/d.

Crude oil imports increased 436,000 b/d to 5.6 million b/d, although the four-week average of 5.7 million b/d is 4% below the year-ago level. Gasoline imports averaged 647,000 b/d; distillate imports averaged 135,000 b/d.

Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased by 6.1 million barrels to 412.1 million barrels, 7% below the five-year average. Gasoline inventories increased 2.1 million barrels, 5% below the five-year average. Distillate inventories increased 3.1 million barrels, 10% below the five-year average. Propane/propylene stocks increased by 2.6 million barrels, reaching 35% above the five-year average. Total commercial petroleum inventories decreased by 0.5 million barrels for the week.

Over the past four weeks, total product supplied averaged 20.5 million b/d, a 2% increase year over year. Gasoline implied demand decreased 3% to 8.8 million b/d, while distillate implied demand increased 3% to 3.6 million b/d. Jet fuel implied demand increased 1% year over year.