Global stocks of diesel and other middle distillates have fallen to the lowest seasonal level since 2008, when similar shortages of these transport and industrial fuels helped to propel oil prices to a record high.
Distillate fuel oil inventories in the United States are 30 million barrels below the pre-pandemic five-year seasonal average and at the lowest level since 2005, the U.S. Energy Information Administration said.
Demand for diesel and other middle distillates is highly geared to the economic cycle since they are mainly used in freight transportation, manufacturing, farming, mining and oil and gas extraction. Distillate production will have to be raised above consumption for a period to rebuild stocks to a more comfortable level.
But the global crude market is already exceptionally tight and the extra crude demand will cause it to tighten further.
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