Bad weather expected once again to weigh on US Midcontinent diesel demand

摘要

Forecasted above-average precipitation levels this year will likely reduce agricultural activity,which is typically a major driver for diesel demand.Flooding in 2019 resulted in a 11.1% year-on-year build in midcontinent ULSD inventories to 32.3MM bbl in May.In the same month,implied ULSD fell to 1.2MM b/d,the lowest level in three years.At the same time,ULSD stocks rose 11.1% on the year to 32.3MM bbl.