Jefferies-Energy Larger Crude Gasoline Inventory Draw；Larger Diesel Build Than Expected-20250820

Inventories drew overall this week, with combined crude oil, gasoline, anddistillate stocks decreasing ~6.39mn bbls vs. the BBG median estimate of a~0.31mn bbls overall build.

Please see this [LINK] for our slides, as they provide detailed graphicalanalysis on the released data.

•Crude oil inventories drew ~6.01mn bbls vs the BBG median estimate of a ~0.85mn bbls draw.

•Gasoline inventories drew ~2.72mn bbls vs the BBG median estimate of a ~0.32mn bbls draw.

•Distillate inventories built ~2.34mn bbls vs the BBG median estimate of a ~1.48mn bbls build.

•Cushing crude stocks built ~0.42mn bbls to ~23.47mn bbls, down ~17% y/y.

•Refinery runs increased ~28kpbd WoW to ~17.21mmpd, up ~3% y/y.

•Implied crude oil demand increased ~0.93mmbpd WoW to ~20.74mmbpd, ~3% above year-ago 3-wk moving avg.

•Implied gasoline demand increased ~37kbpd WoW to ~9.86mmbpd, in-line with year-ago 3-wk moving avg.

•Implied distillate demand decreased ~23kbpd WoW to ~5.12mmbpd, ~1% below year-ago 3-wk moving avg.

•Crude adjustment factor was 385kbpd, a decrease of 99kbpd WoW vs week-ago level of484kbpd.