# Traders scramble for US storage as extracts demand disappoints

> 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.

- Date: 2024-06-24 · published 2024-06-24T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/29971-traders-scramble-for-us-storage-as-extracts-demand-disappoints
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

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.

## Read by commodity

- DIESEL: bearish ▼

## Sources

- energynews.oedigital.com: https://energynews.oedigital.com/jet-fuel/2024/06/24/traders-scramble-for-us-storage-as-extracts-demand-disappoints

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.