Refiners Need to Drop Utilization for Distillate Stocks to Decline

Demand for products continues to erode in January, according to recent data released by the Department of Energy.  In its latest estimate of inventories, the EIA reported that distillate demand declined by nearly 15% year over year, as warmer than normal weather covered most of the United States in both December and January.  The demand decline has been offset by refineries who have scaled…