US should reduce distillate stocks

01/31/2011
by Sam Fletcher, Senior WriterThe US needs to "export more distillates or cut refinery production" before Gulf Coast stocks become "difficult to manage," said Olivier Jakob at Petromatrix, Zug, Switzerland.US distillate inventories are at multiyear highs and still increasing, up 1 million bbl to 165.8 million bbl in the week ended Jan. 14. Gulf Coast refineries ran at high levels in December. "But capacity utilization is starting to come off after a rapid build of product stocks," Jakob said.Meanwhile, in the 4 weeks ended Jan. 14, the latest data available at presstime, implied US demand for gasoline, distillates, and jet fuel was 2.2% higher than a year ago...
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