原油库存降幅大于预期；汽油和柴油降幅更高

USA|Energy LargerThanExpectedCrudeInventoryDraw;HigherGasolineandDieselDraw Inventoriesdrewoverallthisweek,withcombinedcrudeoil,gasoline,anddistillatestocksfalling~5.96mnbblsvs.theBBGmedianestimateofa ~1.07mnbblsoveralldraw •Crudeoilinventoriesdrew~2.8mnbblsvstheBBGmedianestimateofa~1.8mnbblsdraw. •Gasolineinventoriesdrew~2.44mnbblsvstheBBGmedianestimateofa~0.09mnbblsbuild. •Distillateinventoriesdrew~0.72mnbblsvstheBBGmedianestimateofa~0.64mnbblsbuild. •Cushingcrudestocksbuilt~0.08mnbblsto~23.51mnbbls,down~32%y/y. •Refineryrunsdecreased~161kpbdWoWto~16.33mmpd,down~4%y/y. •Impliedcrudeoildemandincreased~0.86mmbpdWoWto~20.15mmbpd,roughlyin-line withyear-ago3-wkmovingavg. •Impliedgasolinedemandincreased~451kbpdWoWto~10.08mmbpd,~1%aboveyear-ago3-wkmovingavg. •Implieddistillatedemandincreased~259kbpdWoWto~5.03mmbpd,~2%aboveyear-ago 3-wkmovingavg. •Crudeadjustmentfactorwas15kbpd,adecreaseof225kbpdWoWvsweek-agolevelof 240kbpd. EquityResearch Within,wegraphicallybreakdowninventories(includingandexcludingSPR)anddemandbybothproductandPADD,whilecomparingresultstoweekly,quarterly,andyear-ago levels. May29,2025 Exhibit1-WeeklyChangeinOilandProductsInventory 6,000 (Kbbl) 1,000 90642 (4,000) (2,795) (1,800) (724) (2,441) (9,000) CrudeOilStocksChange GasolineStocksChange DistillateStockChange Source:Bloomberg,EIA,Jefferies Actual(EIA)BloombergSurveyEstimate Exhibit2-TotalOilandProductsInventory(Excl.SPR)-AbsoluteLevelRelativeto1YearvsWTI 15% -5% -25% $150 LloydByrne*|EquityAnalyst (212)323-7528|lloyd.byrne@jefferies.com SamBurwell,CFA*|EquityAnalyst +1(212)284-2114|sburwell@jefferies.com JohnEdelman*|EquityAnalyst (212)336-7412|jedelman@jefferies.com EmmaSchwartz*|EquityAnalyst 1(212)336-7254|emma.schwartz@jefferies.com TaraBleustein*|EquityAssociate +1(212)323-7595|tbleustein@jefferies.com GiacomoRomeo^|EquityAnalyst 44(0)2075484727|giacomo.romeo@jefferies.com $100 $50 $0 May-20May-21May-22May-23May-24May-25 Weeks YoY%ChangeWTI($/bbl) Source:Bloomberg,EIA Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages92-96ofthisreport. *JefferiesLLC/JefferiesResearchServices,LLC^JefferiesInternationalLimited EnergyEquityResearchMay29,2025 Exhibit3-WeeklyDemandSummary WeeklyDemandSummary (inmbpd) 5/23/2025 5/16/2025 Change 5/24/2024 WoW%∆ YoY%∆ FinishedMotorGasoline 10,078 9,627 451 10,103 4.7% -0.2% ReformulatedGasoline 3,215 3,122 93 3,156 3.0% 1.9% OtherFinishedMotorGas 6,996 6,540 456 6,956 7.0% 0.6% Kerosene-TypeJetfuel 1,953 1,861 92 2,000 4.9% -2.4% DistillateFuelOil 5,029 4,770 259 4,832 5.4% 4.1% ResidualFuelOil 207 446 -239 383 -53.6% -46.0% Propane/Propylene 2,634 2,531 103 2,507 4.1% 5.1% Demand-Products 19,901 19,235 666 19,825 3.5% 0.4% Source:Bloomberg,EIA Exhibit4-YTDDemandSummary YTDDemandSummary (inmbpd) 2025 2024 '25%Changevs'24 2023 '25%Changevs'23 FinishedMotorGasoline 9,503 9,522 -0.2% 9,599 -1.0% ReformulatedGasoline 2,970 2,989 -0.6% 2,918 1.8% OtherFinishedMotorGas 6,438 6,532 -1.4% 6,583 -2.2% Kerosene-TypeJetfuel 1,879 1,787 5.1% 1,717 9.5% DistillateFuelOil 5,032 4,818 4.4% 4,948 1.7% ResidualFuelOil 424 436 -2.7% 385 10.2% Propane/Propylene 3,081 2,847 8.2% 2,930 5.2% Demand-Products 19,919 19,411 2.6% 19,578 1.7% Source:Bloomberg,EIA Exhibit5-CrudeOilImpliedDemand 25,000 Exhibit6-CrudeOilInventoryExcl.SPR-Seasonal(1Yr) 600,000 ls e500,000 rra b 0 0400,000 '0 300,000 15913172125293337414549 Weeks 5-YrRange,2020-20245-YrAvg,2020-2024 20242025 600,000 550,000 500,000 450,000 400,000 350,000 300,000 147101316192225283134374043464952 Weeks 5-YrRange,2020-20245-YrAvg,2020-2024 20242025 '000barrels 22,500 000barrels/day 20,000 17,500 15,000 12,500 10,000 147101316192225283134374043464952 Weeks 5-YrRange,2020-20245-YrAvg,2020-2024 20242025 Source:Bloomberg,EIA Exhibit7-TotalProductsImpliedDemand 25,000 000barrels/day 22,500 20,000 17,500 15,000 12,500 10,000 147101316192225283134374043464952 Source:Bloomberg,EIA,Jefferies Exhibit8-TotalProductsInventoryExcl.SPR-Seasonal(1Yr) 30,000 20,000 '000barrels 10,000 0 -10,000 -20,000 -30,000 Weeks 5-YrRange,2020-20245-YrAvg,2020-2024 20242025 Source:Bloomberg,EIA 147101316192225283134374043464952 Weeks 5-YrRange,2020-20245-YrAvg,2020-2024 20242025 Source:Bloomberg,EIA,Jefferies Pleaseseeimportantdisclosureinformationonpages92-96ofthisreport.2 ThisreportisintendedforJefferiesclientsonly.Unauthorizeddistributionisprohibited. EQUITYRESEARCH|Energy EIAWeeklyPetroleumStatusReportData LloydByrne EquityAnalystlloyd.byrne@jefferies.com JohnEdelman EquityAnalystjedelman@jefferies.com EmmaSchwartz EquityAnalystemma.schwartz@jefferies.com SamBurwell sburwell@jefferies.com TaraBleustein EquityAssociatetbleustein@jefferies.com CrudeOil&ProductInventories CrudeOil&ProductsStocks 5/23/20251Week4-WeekTrailing InventorySummary (inmbbl) 5/23/2025 5/16/2025 Change 5/24/2024 WoW%∆ YoY%∆ CrudeOil(includingSPR) 841,676 843,651 (1,975) 823,978 -0.2% 2.1% Commercial 440,362 443,157 (2,795) 454,688 -0.6