US Distillate Stocks Sink Ahead of Winter

U.S. distillate inventories, which include diesel and heating oil, fell 3.6 million barrels in the week ended October 30, landing 13% below the five-year average just as winter heating demand ramps up. Crude oil stocks dropped a much smaller 0.9 million barrels to 409.8 million barrels, only 4% below normal, while refiners ran plants at 94.5% of capacity, the EIA reported. The gap shows diesel supply is tightening faster than the broader crude market heading into winter. $XLE