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US Refiners Shift Output Toward Distillates as Gasoline Stocks Fall, Kpler Says

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US gasoline inventories fell to a new 2026 low as refiners continued shifting production toward middle distillates, Kpler said in a Thursday note.

US crude inventories declined by 1.7 million barrels, leaving stocks about 12.5 million barrels below the five-year range, according to Kpler, citing the latest Energy Information Administration data.

Refiners increased crude intake by 100,000 barrels per day from the previous week, lifting throughput to about 200,000 b/d above the multi-year average, the report said.

Gasoline inventories dropped by 1.5 million barrels to a fresh year-to-date low, ending the week 8 million barrels below the five-year range, Kpler said.

Gasoline production also declined by 100,000 b/d from the previous week and remained below seasonal norms despite higher refinery intake, according to the report.

Gasoil and diesel inventories increased by nearly 4.5 million barrels, while jet fuel and kerosene stocks rose 850,000 barrels over the week, Kpler said.

Fuel oil inventories also increased by roughly 850,000 barrels, while refiners maintained production and middle distillate yields above seasonal norms.

The report said jet fuel and kerosene output remained near record highs, with elevated Renewable Identification Number prices weighing on road fuels but not limiting jet fuel production.

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