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Traders are renting US East Coast storage to hold surplus distillates such as diesel and heating oil, with bidder interest rising to about 300,000 barrels in June from almost none in March. Weak demand after a warm winter has pushed diesel futures into contango and narrowed refining margins.
Excess distillate inventories and contango point to weaker diesel prices and lower fuel costs in the near term. Traders may export the surplus to Europe later in the year.
energynews.oedigital.comJun 24, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
