In the week to Sept. 27, middle distillate sentiment was bearish as seasonal demand languished, but traders said at the end of the week that consumption could soon pick up as players begin stockpiling ahead of winter. ULSD premiums were kept in check as arbitrage volumes continued to stream into Europe from Russia, the US, and Asia. Arb arrivals from the US Gulf Coast alone reached a record high of more than 2MM mt (15MM bbl) in Sept. and similar volumes are expected for Oct. Imports are making up for a drop in regional output, as European refineries perform maintenance and margin-supporting cuts; however, weekly stocks held in ARA storage dropped, helping limit die downside. Jet fuel prices found some support as export demand from Northeast Asia was seen growing. "There is reduced output at local refineries, and it's time they started building stocks ahead of winter," a market source said, referring to Asian firms. Heating oil consumption in Germany appeared to be picking up as cooler temperatures and lower flat prices encouraged buying, a trader said.
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机译：在截至9月27日的一周中，由于季节性需求疲软，中间馏分油价格呈悲观态势，但贸易商称，在一周结束时，随着参与者在冬季之前开始库存，消费量可能很快回升。随着套利交易量继续从俄罗斯，美国和亚洲流入欧洲，ULSD溢价受到抑制。 9月，仅来自美国墨西哥湾沿岸的Arb到达创纪录的高位，超过2 MM公吨（15 MM bbl），预计10月份将有类似数量。进口量将弥补区域产量的下降，因为欧洲炼油厂进行了维护和保证金-辅助削减;但是，ARA储存的每周库存下降了，这有助于限制跌势。由于东北亚的出口需求增长，航空燃油价格获得了一定的支撑。一位来自亚洲的市场消息人士称：“当地炼油厂的产量下降，现在是时候在冬天之前开始积压库存了。”一位贸易商称，德国的取暖油消费似乎在回升，因为温度较低，而较低的统一价格鼓励购买。
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