Despite the economic slowdown in the U.S. and Europe and a failed strong rebound in China, the diesel market globally is tight, and traders are speculating on rising prices
The prices of middle distillates and diesel futures have jumped in recent weeks, outpacing the increase in Brent crude oil prices.Reflecting tighter supply of crude and fuels, refining margins have also strengthened in recent weeks.Despite the economic slowdown in the U.S. and Europe and a failed strong rebound in China, the diesel market globally is tight and set to enter the crop and heating seasons with lower-than-average inventories.
Portfolio managers and speculators are increasingly betting on higher diesel prices amid seasonally low inventories of middle distillates in the United States and Europe, at a time when stocks typically build ahead of the heating season. In the week ending August 11, distillate fuel inventories in the U.S. increased by 300,000 barrels, the Energy Information Administration said in its latest closely-watched weekly petroleum inventory last week. Distillate fuel stocks are currently around 16% below the five-year average for this time of the year. Distillate demand has been lower than at this time last year, but total U.S.
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