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U.S. distillate demand recovery stalls with stocks at 38-year high

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U.S. distillate inventories have climbed to the highest in nearly four decades as refiners continue to ramp up production despite signals that a recovery in road and air traffic demand has stagnated.

FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease , at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. REUTERS/Elijah Nouvelage

The next weekly report due on Wednesday likely will show another build for last week, analysts forecast. Distillate products supplied - a proxy for demand - bottomed in late May at 2.7 million barrels per day , the lowest since 1998, and since has climbed to 3.7 million bpd, EIA data showed. Construction spending, which influences diesel use, fell to a one-year low in June, hit by declining outlays on private and public projects, government data showed.

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Mother planes bringing their little ones to the jetgarden. Won't see any helicopter parents here. 🤷‍♂️

How's the 737s doing? Great example of how every big company fuck the average joe.

Beirut writ large

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