原油与汽油库存降幅超预期；馏分油意外增加

USA | Energy Crude & Gasoline Inventory Draws Below BBGEst; Unexpected Distillate Build Inventories built overall this week, with combined crude oil, gasoline, anddistillate stocks increasing~1.33mn bblvs the BBG median estimate of a~6.26mn bbloverall draw. Crude inventories (incl SPR) continue to draw (Ex 1). SPR released 3mn bbl to a40yr low (Ex 2). Overall product exports down this week (Ex 3) led by Propane,Kerosene exports up (Ex 4). PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILEDSLIDES AND GRAPHICS OF THE RELEASED DATA •Crude oil inventories drew~1.69mnbbl vs the BBG median estimate of a~2.41mnbbl draw.•Gasoline inventories drew~1.53mnbbl vs the BBG median estimate of a~2.00mnbbl draw.•Distillate inventories built~4.56mnbbl vs the BBG median estimate of a~1.85mnbbl draw.•Cushing crude stocks built~0.43mnbbl to~20.04mnbbl, ~6%lower y/y.•Refinery runs increased~100kpbdw/w to~17.12mmbpd, ~2% higher y/y.•Implied crude oil demand increased~0.73mmbpdw/w to~19.79mmbpd, ~2% above year-ago 3-wk moving avg.•Implied gasoline demand decreased~61kbpdw/w to~9.81mmbpd,~2% above year-ago 3-wk moving avg.•Implied distillate demand decreased~1.28mmbpdw/w to~4.70mmbpd,~7% below year-ago 3-wk moving avg.•Crude adjustment factor was400kbpd, an increase of449kbpdvs week-ago level of(49) kbpd. .Source: Bloomberg, EIA, Jefferies. .Source: Bloomberg, EIA, Jefferies. Lloyd Byrne * | Equity Analyst +1 (212) 323-7528 | lloyd.byrne@jefferies.com Sam Burwell, CFA * | Equity Analyst+1 (212) 284-2114 | sburwell@jefferies.com Rahul Kakkar * | Equity Analyst+1 (713) 308-4508 | rkakkar@jefferies.com John Edelman * | Equity Analyst+1 (212) 336-7412 | jedelman@jefferies.com Emma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.com EQUITY RESEARCH |Energy Lloyd ByrneEquity Analystlloyd.byrne@jefferies.com EIA Weekly PetroleumStatus Report Data Rahul KakkarEquity Analystrkakkar@jefferies.com John EdelmanEquity Analystjedelman@jefferies.com July 15th, 2026 Emma SchwartzEquity Analystemma.schwartz@jefferies.com Sam BurwellEquity Analystsburwell@jefferies.com Spencer DuryeeEquity Associatesduryee@jefferies.com Crude Oil & Product Inventories Total Crude Oil & Products Stocks (Incl. SPR) Total Crude Oil & Products Stocks (Excl. SPR) Total Crude Oil & Products Stocks (Incl. SPR) Total Crude Oil & Products Stocks (Excl. SPR) Crude Oil Inventories Total Crude Oil Stocks Table Crude Oil Inventories Crude Oil Inventories Crude Oil Inventories: PADD IV & V Crude Oil Inventories & SPR Oil Product Inventories Total Product Stocks Table Oil Product Inventories (Excl. SPR) Oil Product Inventories (Excl. SPR) Oil Product Inventories (Incl. SPR) Oil Product Inventories (Incl. SPR) Distillate & Jet Fuel Inventories Gasoline & Ethanol Inventories Fuel Oil & Other Oils Inventories US Employees on Nonfarm Payrolls SA vs EIA Oil Total ProductsSupplied Distillate Inventories (by PADD) Distillate Inventories-PADD I & II Distillate Inventories-PADD III & IV Distillate Inventories-PADD V Kerosene Jet Fuel Inventories (byPADD) Kerosene Jet Fuel Inventories-PADD I & II Kerosene Jet Fuel Inventories-PADD III & IV Kerosene Jet Fuel Inventories-PADD V Fuel Oil Inventories (by PADD) Fuel Oil Inventories-PADD I & II Fuel Oil Inventories-PADD III & IV Fuel Oil Inventories-PADD V Gasoline Inventories (by PADD) Gasoline Inventories-PADD I & II Gasoline Inventories-PADD III & IV Gasoline Inventories-PADD V Fuel Ethanol Inventories (by PADD) Fuel Ethanol Inventories-PADD I & II Fuel Ethanol Inventories-PADD III & IV Fuel Ethanol Inventories-PADD V Inventory Days of Supply Crude Oil Days of Supply Distillates & Jet Fuel Days of Supply Gasoline & Propane Days of Supply Demand Demand Summary Crude Oil & Total Products Demand Tables Crude Oil & Total Products Demand Distillates & Jet Fuel Demand Tables Distillates & Jet Fuel Demand Gasoline & Propane / Propylene Demand TablesUS Gasoline Averages (bbl/day)Kerosene Jet Fuel Averages (bbl/day)Propane/Propylene Averages (bbl/day) Gasoline & Propane / Propylene Demand Fuel Oil Demand Crude Supply Crude Supply Summary Crude Supply Lower 48 & Alaska Crude Imports & Exports Oil Products Supply Oil Products Supplied Summary Gasoline & Distillates Supplied Jet Fuel & Fuel Oil Supplied Other Oils Supplied Imports & Exports Crude Imports & Exports Crude Oil & Oil Product Exports Distillate & Jet Fuel Exports Gasoline & Propane / Propylene Exports Product Imports Total Refined Products Imports Gasoline and Distillate Imports Kerosene Jet Fuel Imports Refining Refining Utilization Refining Utilization–PADD 1 Refining Utilization–PADD 2 Refining Utilization–PADD 3 Refining Utilization–PADD 4 Refining Utilization–PADD 5 Refining Runs Analyst Certification: I, Lloyd Byrne, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and su