2025-06-04-Jefferies-原油库存降幅大于预期；汽油和柴油库存增加_96页_1mb

Equity Research Summary: USA Energy

Date: June 4, 2025

Key Insights:

1. Inventory Changes:

   • Crude Oil inventories drew 4.3 million barrels (+3.2% YoY), exceeding the BBG median estimate of 3.13mn.
   • Gasoline inventories built 5.22 million barrels (+6.0% YoY), significantly above the BBG median estimate of 0.5mn.
   • Distillate inventories built 4.23 million barrels (+2.7% YoY), surpassing the estimate of 0.17mn.
   • Cushing crude stocks increased by 0.58 million barrels to 24.1mn bbls (-32% YoY).

2. Demand Trends:

   • Finished Motor Gasoline demand fell 8.7% YoY, below the 1-wk moving average.
   • Kerosene-Type Jet fuel demand edged up 0.1% YoY.
   • Motor Gasoline implied demand decreased 8.7% YoY, while Reformulated Gasoline demand remained relatively stable.

3. Refining & Supply:

   • Crude supply was 13,401 mb/d (+0.1% WoW), with exports at 6,346 mb/d (-0.2% WoW).
   • Refining utilization was 93.4% (+3.2% WoW), operating at 95.5% capacity.

Disclaimer:

• This summary includes key highlights without detailed analysis.
• Views reflect personal analysis of analysts and may change.
• Jefferies may have conflicts of interest due to business relationships with covered companies.