Traders scramble for US storage as distillates demand disappoints [Reuters]
Phillips 66 (PSX)
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Source: Reuters
East Coast with distillate fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, a sign of deepening oversupply that is weighing on refiners' profits. Largely warmer-than-expected winter weather in U.S. Northeast and Europe has cut distillates demand and hit refiners' margins across the globe in recent months, a factor that drove by oil majors and top independent refiners. Spreads between U.S. crude and diesel futures , or "cracks" that reflect refining margins, have dropped more than 30% so far this year to under $25 a barrel. Struggling to find outlets for their excess distillates, traders are scrambling to park it in storage tanks in New York Harbor, The Tank Tiger Chief Operating Officer Steven Barsamian said. Storing in the Harbor allows them to export to Europe later in the year when demand improves, he added. Distillates storage demand at New York Harbor jumped to around 300,000 barrels this month, from virtually no bidder interes
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