原油库存降幅大于预期；汽油和柴油库存增加

1,5041,246753700Gasoline StocksChangeDistillate StockChangeBloomberg Survey Estimate$0$50$100$150Jun-22Jun-23Jun-24Jun-25WeeksWTI ($/bbl) Lloyd Byrne * | Equity Analyst(212) 323-7528 | lloyd.byrne@jefferies.comSam Burwell, CFA * | Equity Analyst+1 (212) 284-2114 | sburwell@jefferies.comJohn Edelman * | Equity Analyst(212) 336-7412 | jedelman@jefferies.comEmma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.comTara Bleustein * | Equity Associate+1 (212) 323-7595 | tbleustein@jefferies.comGiacomo Romeo ^ | Equity Analyst44 (0) 20 7548 4727 | giacomo.romeo@jefferies.comWithin, we graphically break down inventories(including and excluding SPR) and demandby both product and PADD, while comparingresults to weekly, quarterly, and year-agolevels. Exhibit 3 - Weekly Demand Summary.(in mbpd)Finished Motor GasolineReformulated GasolineOther Finished Motor GasKerosene - Type Jet fuelDistillate Fuel OilResidual Fuel OilPropane/PropyleneDemand - ProductsSource: Bloomberg, EIAExhibit 4 - YTD Demand Summary.(in mbpd)Finished Motor GasolineReformulated GasolineOther Finished Motor GasKerosene - Type Jet fuelDistillate Fuel OilResidual Fuel OilPropane/PropyleneDemand - ProductsSource: Bloomberg, EIAExhibit 5 - Crude Oil Implied Demand.10,00012,50015,00017,50020,00022,50025,00014 7 101316192225283134374043464952000 barrels/day5-Yr Range , 2020 -20242024Source: Bloomberg, EIAExhibit 7 - Total Products Implied Demand.10,00012,50015,00017,50020,00022,50025,00014 7 101316192225283134374043464952000 barrels/day5-Yr Range , 2020 -20242024Source: Bloomberg, EIAPlease see important disclosure information on pages 92 - 96 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. EIA Weekly PetroleumStatus Report DataEQUITY RESEARCH |Energy Lloyd ByrneEquity Analystlloyd.byrne@jefferies.comJohn EdelmanEquity Analystjedelman@jefferies.comEmma SchwartzEquity Analystemma.schwartz@jefferies.comSam Burwellsburwell@jefferies.comTara BleusteinEquity Associatetbleustein@jefferies.com Crude Oil & Product Inventories Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comTotal Crude Oil & Products Stocks (Incl. SPR)3Source: Bloomberg, EIA, Jefferies1,500,0001,600,0001,700,0001,800,0001,900,0002,000,0002,100,0002,200,000147101316192225283134374043464952'000 barrelsWeeksTotal Oil and Products Inventory Including SPR5-Yr Range , 2020 -20245-Yr Avg , 2020 -2024202420251,500,0001,600,0001,700,0001,800,0001,900,0002,000,0002,100,0002,200,000May-20Nov-20May-21Nov-21'000 barrelsTotal Oil and Products Inventory Including SPRTotal Oil and Products Inventory Including SPR-15%-10%-5%0%5%10%15%Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25WeeksTotal Oil and Products Inventory (Incl. SPR) YoY % ChangeTotal Oil and Products Inventory (Incl. SPR) YoY % Change-20%-15%-10%-5%0%5%10%15%Jun-20Dec-20Jun-21Dec-21Total Oil and Products Inventory (Incl. SPR) % Change vs 5 Yr AvgTotal Oil and Products Inventory (Incl. SPR) % Change vs 5 Yr Avg Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comTotal Crude Oil & Products Stocks (Excl. SPR)4Source: Bloomberg, EIA, Jefferies1,000,0001,050,0001,100,0001,150,0001,200,0001,250,0001,300,0001,350,0001,400,0001,450,0001,500,000May-20Nov-20May-21Nov-21'000 barrelsTotal Oil and Products Inventory Excluding SPRTotal Oil and Products Inventory Excluding SPR-15%-10%-5%0%5%10%15%Jun-20Dec-20Jun-21Dec-21Jun-22Total Oil and Products Inventory (Excl. SPR) % Change vs 5 Yr AvgTotal Oil and Products Inventory (Excl. SPR) % Change vs 5 Yr Avg-20%-15%-10%-5%0%5%10%15%Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25WeeksTotal Oil and Products Inventory (Excl. SPR) YoY % ChangeTotal Oil and Products Inventory (Excl. SPR) YoY % Change1,000,0001,050,0001,100,0001,150,0001,200,0001,250,0001,300,0001,350,0001,400,0001,450,0001,500,000147101316192225283134374043464952'000 barrelsWeeksTotal Oil and Products Inventory Excluding SPR5-Yr Range , 2020 -20245-Yr Avg , 2020 -202420242025 Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comTotal Crude Oil & Products Stocks (Incl. SPR)5$0$20$40$60$80$100$120$140-25%-20%-15%-10%-5%0%5%10%15%20%Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25WeeksTotal Oil and Products Inventory (Incl. SPR)-Absolute LevelRelative to 1 Year vs WTIYoY % ChangeWTI ($/bbl)Source: Bloomberg, EIA, Jefferies-15%-10%-5%0%5%10%Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25WeeksTotal Oil and Products Inventory (Incl. SPR) Trailing 4 Week YoY %ChangeTotal Oil and Products Inventory (Incl. SPR) Trailing 4 Week YoY % Change-20%-15%-10%-5%0%5%10%Jun-20Dec-20Jun-21Dec-21Total Oil and Products Inventory (Incl SPR) Trailing 4 Week %Change vs 5 Yr AvgTotal Oil and Products Inventory (Incl SPR) Trailing 4 Week % Change vs 5 Yr Avg-30,000-20,000-10,000010,00020,00030,00040,000147101316'000 barrelsTotal Oil and Products Inventory Including