The latest figures from the Energy Information Administration arrive alongside a tightening market for middle distillates, which have fallen to 14% below their five-year average. Despite the crude build, gasoline inventories saw a sharp decline of 1.7 million barrels, mirroring the previous week’s losses, while production of middle distillates dipped to an average of 5.0 million barrels per day.

Market response remained buoyant despite the inventory surplus. Brent futures rose $0.75 to $103.34 per barrel by mid-morning in New York, while WTI futures gained $1.38 to reach $90.76. These price movements coincide with robust demand signals; total products supplied, a key proxy for consumption, averaged 20.8 million barrels per day over the last four weeks. This represents a 2.1% increase compared to the same period last year, with distillate demand showing particular strength at 5.2% growth year-over-year.