Slide 4 of 19
Notes:
When EIA’s demand forecast is combined with its outlook for production and net imports, distillate stocks are projected to remain low for the rest of the year.
- Distillate fuel stocks for November 3 were very low at 116 million barrels. This is about 17% less than last year, and about 15% below the 10 year average for early November levels.
Our forecast now shows inventories peaking prior to this heating oil season at 122 million barrels, much less than is typical, due in part to the lack of a significant stock build in August, September, and October. These low inventories will put upward pressure on distillate fuel prices and set the stage for price sun-ups should there be an extended period of cold weather or a serious supply problem.
