JPM-California Refining Crude Runs Fall to Lowest Since Mar-25-20251016

Weekly data for California (week ended 10/10) were recently reported. Total clean products drew by ~221kbbls w/w, ~1.068mmbbls below the 2020-24 average. On specifics for this week’s data, gasoline inventories drew by ~315kbbls (putting inventories ~703kbbls below the 2020-24 seasonal average), and gasoline production fell by ~112kbpd to ~751kbpd (~154kbpd below the 2020-24 average).Diesel inventories built by ~94kbbls (~365kbbls below the 2020-24 seasonal average) and diesel production increased by ~6kbpd to ~220kbpd (~60kbpd below the 2020-24 seasonal average). Crude input fell by ~41kbd w/w at ~1.253mmbpd (below seasonal lows, ~41kbpd below the 2020-24 average). Crude inventories fell by ~823kbbls to ~12.017mmbbls, near seasonal lows. On crack spreads, LA gasoline cracks were down w/w, in the top half of the seasonal range, while diesel cracks were down w/w, in the bottom half of the seasonal range.