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US Diesel Market Could Tighten on Manufacturing Boost: Reuters

OIL PRODUCTS

US manufacturers are nearing the end of a prolonged and shallow slowdown which could create a boost for distillate consumption later in 2024, according to Reuters.

  • Consumption of diesel and other distillates is closely linked to the manufacturing and freight cycle, so would expect to see boosted demand.
  • However, current diesel inventories are 7% below the previous 10-year average.
  • A renewed boos in manufacturing activity could deplete inventories and cause prices to surge, Reuters said.
  • The S&P Global US manufacturing PMI was surprisingly revised up to 50.7 in January (flash & cons 50.3) for a larger increase from the 47.9 in December.
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