U.S. inventories of distillate fuel oils such as diesel and heating oil have been depleting since the start of March, reversing some of the accumulation over the previous five months, mostly because of an acceleration in exports.
Distillate stocks stood at 112 million barrels on April 14, down from 122 million on March 3, according to the U.S. Energy Information Administration .
Consumption and production have increased by a similar amount since the start of March, indicating little change in the domestic balance. In real terms, prices are in the 58th percentile for all months since 1990, down from the 98th percentile at the end of May 2022, as concerns about fuel availability have eased.
Instead the downturn in the global industrial cycle, rising interest rates, and a relaxed approach to sanctions enforcement have ensured distillates remain plentiful. The gross refinery margin or crack spread for turning Brent into diesel with both delivered in December 2023 has fallen to less than $26 per barrel from $42 in mid-October.The broader picture is still that U.S. distillate consumption is falling in line with the slowdown in manufacturing and freight activity.
Consumption in November-January was down -4.4% compared with the same period a year earlier, a contraction previously associated with a mid-cycle slowdown of cycle-ending recession.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Column: Businesswoman gains five world records in two yearsElla Fox parlayed her CrossFit workouts into indoor rowing competition where she has set world records and is women's 500-meter world champion in her age group
Read more »
Column: What a girl and a guinea pig in Ukraine can teach us about human connectionThis story is from NPR’s Mary Louise Kelly, who has written a new book called “It. Goes. So. Fast: The Year of No Do-Overs.”
Read more »
Column: Critics blast lame-duck University Park Board for personnel moves before new trustees seatedThe lame-duck University Park Village Board majority voted Thursday to fire the town's law firm and extend contracts for the village manager and police chief.
Read more »
Column: Truth — and sure-thing QBs — are lacking as NFL Draft approachesLiar's Month begins with a Fool's Day and ends with this week's NFL Draft
Read more »
Column: Padres learn some offense can be enough against DiamondbacksShared offensive load fuels 5-3 win in Arizona as Padres move to 9-2 when scoring at least four runs
Read more »
Column: Seven Mater Dei High baseball players try umpiring: 'A different perspective'Seven Mater Dei High baseball players join umpire ranks for youth leagues, gaining a new perspective on the game and life as an adult.
Read more »