Refiners Throttle Back Utilization, Reducing Distillate Inventories

Imports flooded into the United States in the latest week generating a larger than expected build in crude oil inventories.  The overhang remains robust, but refiners appear to have curtailed their production of distillates.  Despite a drop in demand by nearly 15% last week on a year over year basis, distillate inventories declined by a solid 4 million barrels according to the Department of…