U.S. stocks of distillate fuel oil are rapidly returning to normal, reversing the prodigious glut that built up earlier in the year during the first wave of the coronavirus epidemic and lockdowns.
The absorption of excess distillates has been made possible because U.S. refiners sharply lowered refinery crude processing and operated their equipment to maximise the production of gasoline.
But now stocks are nearing normal levels, crude processing is likely to accelerate and the extreme tilt towards gasoline is likely to be replaced by a normal balance of refined product output.
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