In the first quarter of 2024, US prices for distillate fuel oil — which includes diesel fuels for vehicles and for home heating — was lower than the previous five-year average, according to Jeff Barron, industry economist at the US Energy Information Administration (EIA).
While changes in fuel product supplied can be volatile in the short term, “US distillate fuel consumption has been seasonally low this year, suggesting longer-term trends are at play,” Barron wrote in an analysis on Thursday April 25.
Distillate fuel consumption was well below average in January-March. Warmer weather patterns this past winter, reduced economic activity and strong renewable fuel demand on the West Coast have all been contributing to a noticeable drop in distillate demand.
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