# Traders scramble for US storage as distillates demand disappoints | Reuters

> Diesel futures in the US and Europe moved into contango as stocks rose and distillate demand weakened. The US shift was the first since June 2023 and in Europe the first since 2021.

- Date: 2024-04-30 · published 2024-04-30T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/30907-traders-scramble-for-us-storage-as-distillates-demand-disappoints-reuters
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Contango encourages storage over prompt delivery, signaling weak near-term diesel demand and bearish pressure on diesel and related energy costs.

## Read by commodity

- DIESEL: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/traders-scramble-us-storage-distillates-demand-disappoints-2024-04-30/

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