{"id":6763,"date":"2020-07-10T09:52:56","date_gmt":"2020-07-10T13:52:56","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=6763"},"modified":"2021-04-25T22:01:06","modified_gmt":"2021-04-26T02:01:06","slug":"refiners-trying-to-reduce-distillates-oversupply","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/pt\/refiners-trying-to-reduce-distillates-oversupply\/","title":{"rendered":"Refiners Trying to Reduce Distillates Oversupply"},"content":{"rendered":"<h5 style=\"text-align: center;\">Refiners Trying to Reduce Distillates Oversupply<\/h5>\n<p style=\"text-align: center;\">July 10, 2020<\/p>\n<p>Distillates demand is increasing, but it has been sluggish and uneven.\u00a0\u00a0 As a result, refiners have been left making too much despite shifting their processes to maximize summer driving-season gasoline output and reduce distillate yields.<\/p>\n<p>Distillate stocks have continued to climb, hitting 177.6 million barrels as of the July 3, 2020 EIA report.\u00a0 This level is 39 million barrels higher than the five-year average, and the highest level for almost 38 years. (See figure 1)\u00a0\u00a0 When the stocks are adjusted relative to demand, the current stocks are now at 40.5 days of forward supply, having peaked at 50.7.\u00a0 (See figure 2)\u00a0\u00a0 This oversupply of distillate stocks means refiners may have to change strategy and reduce output even further over the next few weeks to get diesel stocks under better control.<\/p>\n<p>The chart below can be constructed in the <strong>Fundamental Analytics<\/strong> platform under <strong>Fundamentals &gt; DOE &gt; Distillate Fuel Oil &gt; Stocks &gt; Total US.<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Figure 1 &#8211; Total Distillates Stocks<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Latest Data as of Friday, July 3, 2020\u00a0\u00a0 177.6 million barrels<\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-6764\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-1.png\" alt=\"\" width=\"1684\" height=\"1003\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-1.png 1684w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-1-300x179.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-1-1024x610.png 1024w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-1-768x457.png 768w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-1-1536x915.png 1536w\" sizes=\"(max-width: 1684px) 100vw, 1684px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The chart below can be constructed in the <strong>Fundamental Analytics<\/strong> platform under <strong>Fundamentals &gt; DOE &gt; Distillate Fuel Oil &gt; Days Forward Supply.<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Figure 2 &#8211; Days Forward Supply<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Latest Data as of Friday, July 3, 2020\u00a0\u00a0 40.5 Days Forward Supply<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-6765\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-2.png\" alt=\"\" width=\"1683\" height=\"993\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-2.png 1683w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-2-300x177.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-2-1024x604.png 1024w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-2-768x453.png 768w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2020\/07\/Energy-July-10-Figure-2-1536x906.png 1536w\" sizes=\"(max-width: 1683px) 100vw, 1683px\" \/><\/p>\n<hr \/>\n<p>If you would like access to the great insights and analysis provided by the Fundamental Analytics platform, sign up for a <a style=\"color: #3366ff;\" href=\"https:\/\/www.fundamentalanalytics.com\/pt\/trial\/\"><strong>15-day free trial<\/strong> <\/a> and <a style=\"color: #3366ff;\" href=\"https:\/\/app2.fundamentalanalytics.com\/webinar\/signup\"><strong>demonstration!<\/strong><\/a><\/p>\n<p>If you have any questions, please contact our Managing Director, Joel Fingerman, at <a href=\"mailto:joel.fingerman@fundamentalanalytics.com\"><span style=\"color: #3366ff;\">joel.fingerman@fundamentalanalytics.com<\/span><\/a><\/p>\n<p>We also invite you to read our other articles and follow us on social media!<\/p>\n<p>Best Regards,<\/p>\n<p>The Fundamental Analytics Team<\/p>\n<p><small><em>The information provided here is for general informational purposes only and should not be considered individualized investment advice. All expressions of opinion are subject to change without notice in reaction to shifting market conditions.<\/em><\/small><\/p>","protected":false},"excerpt":{"rendered":"<p>Refiners Trying to Reduce Distillates Oversupply July 10, 2020 Distillates demand is increasing, but it has been sluggish and uneven.\u00a0\u00a0 As a result, refiners have been left making too much despite shifting their processes to maximize summer driving-season gasoline output and reduce distillate yields. Distillate stocks have continued to climb, hitting 177.6 million barrels as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6763","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/6763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/comments?post=6763"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/6763\/revisions"}],"predecessor-version":[{"id":6766,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/6763\/revisions\/6766"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/media?parent=6763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/categories?post=6763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/tags?post=6763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}