The report below provided by Hedge Solutions highlights some of the factors driving heating oil prices for New Englanders as we head into Autumn of 2017.
East Coast Stocks Below 5 - Year Average
While a slow Gulf Coast refining recovery has cut into demand for crude oil, it has also helped lead to counter-seasonal draws in distillate fuel inventories. Also affecting the low stocks were strong domestic demand in the manufacturing sector this summer as well as weekly implied demand has been near or above the five-year high since early June.
Gulf Coast refinery outages as well as low or shut pipeline flows to the East Coast from the Gulf helped PADD 1 inventories fall to below their five-year average last week, as shown in the chart below.
To read the whole article in the latest Energy Procurement Report, just click on the image below to view the whole report full size:
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