US wholesale and oil inventories modestly revised in June

U.S. wholesale inventories rose 0.2% in June, a slight downgrade from the previously estimated 0.3% increase, according to the Commerce Department’s Census Bureau. Year‑over‑year, wholesale stocks were up 4.2%, while nondurable goods inventories fell 0.6% with petroleum stocks dropping 3.9%. Durable‑goods inventories rose 0.6%, driven by motor vehicles, computer equipment and machinery. Wholesaler sales slipped 3% in June, extending the inventory‑to‑sales ratio to 1.30 months.

In parallel, the Energy Information Administration reported that U.S. crude oil inventories grew by 2.5 million barrels, bringing total commercial stockpiles to 407 million barrels, about 6% below the five‑year average. Gasoline inventories fell 1.6 million barrels and middle‑distillate stocks declined 3.5 million barrels, leaving distillate inventories 12% below the five‑year norm. Overall product supplied, a proxy for oil demand, was down 0.9% year‑over‑year.