U.S. distillate stocks reach 11-year high

U.S. distillate inventories reached their highest level in 11 years as the heating season began Oct. 1, American Petroleum Institute reported. It pegged distillate stocks then at 152.7 million bbl, up 10.1% from a year ago. On the U.S. East Coast, the largest heating oil market, distillate stocks reached nearly 73 million bbl, about 12 million bbl more than a year ago. U.S. crude oil stocks at the end of September were 319.7 million bbl, a 5.2% rise from a year ago, but down 3.9% from the prior month. The refinery utilization rate in September was 95.5%. Imported crude averaged 8.52 million b/d, a 3.6% drop from September 1997. Products imports were 10.44 million b/d, down 0....

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