US Gasoline, Distillate Inventories Continue to Fall as Crude Stocks Hold

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.786 million barrels in the week ending September 18. In the week prior, US crude oil inventories grew by a substantial 7.14 million barrels. Commercial crude oil inventories excluding the SPR have lost 39 million barrels over the last 23 weeks, but US crude inventories are up nearly 12 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 18, another 400,000 barrels left the SPR to…

Refining & Products Context

Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.

Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.

What to Watch

Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.