Low U.S. diesel inventories ‘troubling’ as winter looms. Will Canada be impacted?
Global News
Last week, the U.S. Energy Information Administration (EIA) reported that distillate inventories were at their lowest levels since 2008, warning prices could soon go higher.
Diesel prices in Canada and the United States remain elevated as U.S. inventory levels for the fuel sit at their lowest level in decades.
Last week, the U.S. Energy Information Administration (EIA) reported that distillate inventories were at their lowest levels since 2008. Distillate fuels include diesel and heating oil.
Diesel, which has been dubbed the “fuel that powers the economy” by experts who previously spoke to Global News, is relied upon not only by drivers, but industries such as farming, transportation and shipping.
Demand for diesel fluctuates throughout the year, but to see U.S. distillate inventories at record lows for this time of year is “troubling,” said Carol Montreuil, vice president of Eastern Canada and economics at the Canadian Fuels Association.
“We are in the middle of an energy crisis,” he told Global News.
“U.S. inventories are down … compared to the usual numbers that we would see at this time of the year at the start of the heating season.”
During the fall and winter, the demand for heating oil affects diesel fuel prices, the EIA said on its website. As both fuels are produced at the same time, seasonal increases in heating oil demand can also put pressure on the diesel market. In some areas, seasonal swings in farmers’ demand for diesel can influence prices.
Throughout the year, oil producers have had challenges keeping up with unprecedented demand for fuel as the world began to emerge from COVID-19 lockdowns. Furthermore, Russia’s war in Ukraine has shaken the global economy as western nations move to punish Moscow with sanctions, and distance themselves from relying on Russian oil, which has increased demand for oil elsewhere.
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