JPM-California Refining Crude Runs Fall Below Seasonal Lows-20250911

Weekly data for California (week ended 9/5) were recently reported. Total cleanproducts drew by ~693kbbls w/w, ~624kbbls below the 2020-24 average. Onspecifics for this week’s data, gasoline inventories drew by ~578kbbls (puttinginventories ~220kbbls below the 2020-24 seasonal average), and gasolineproduction fell by ~105kbpd to ~780kbpd (~157kbpd below the 2020-24 average).Diesel inventories drew by ~115kbbls (~404kbbls below the 2020-24 seasonalaverage) and diesel production fell by ~11kbpd to ~240kbpd (~52kbpd below the2020-24 seasonal average). Crude input fell by ~79kbd w/w at ~1.316mmbpd(below seasonal lows, ~126kbpd below the 2020-24 average). Crude inventoriesfell by ~764kbbls to ~12.100mmbbls, below seasonal lows. On crack spreads, LAgasoline cracks were up w/w, in the bottom half of the seasonal range, while dieselcracks were up w/w, in the middle of the seasonal range.