Jefferies-Energy Unexpected Crude Inventory Build；Larger Diesel and Gasoline Build-20250910
这篇研报讲什么？
摘要原文摘录Inventories built overall this week, with combined crude oil, gasoline, anddistillate stocks increasing ~10.11mn bbls vs the BBG median estimate of a~0.88mn bbls overall draw.
机构观点归属Jefferies，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Inventories built overall this week, with combined crude oil, gasoline, anddistillate stocks increasing ~10.11mn bbls vs the BBG median estimate of a~0.88mn bbls overall draw.
Please click [HERE] for full slides, graphically detailing the released data.
•Crude oil inventories built ~3.94mn bbls vs the BBG median estimate of a ~1.40mn bbls draw.
•Gasoline inventories built ~1.46mn bbls vs the BBG median estimate of a ~0.50mn bbls build.
•Distillate inventories built ~4.72mn bbls vs the BBG median estimate of a ~0.02mn bbls build.
•Cushing crude stocks drew ~0.37mn bbls to ~23.86mn bbls, down ~3% y/y.
•Refinery runs decreased ~49kpbd WoW to ~16.82mmpd, ~flat y/y.
•Implied crude oil demand decreased ~0.62mmbpd WoW to ~19.20mmbpd, ~4% below year-ago 3-wk moving avg.
•Implied gasoline demand decreased ~596kbpd WoW to ~9.50mmbpd, ~3% below year-ago3-wk moving avg.
•Implied distillate demand decreased ~337kbpd WoW to ~4.77mmbpd, ~9% below year-ago3-wk moving avg.
•Crude adjustment factor was (70) kbpd, a decrease of 588kbpd WoW vs week-ago level of518kbpd.
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