Americans could face a sticker shock with their heating bills this winter, especially if it is a chilly one, due to unusually low U.S. stockpiles of distillate fuels following OPEC+ crude supply cuts and higher demand from Europe, analysts said.
the five-year average for this time of year, according to the Energy Information Administration."We are living barrel to barrel and there is just no room for errors in the system," Price Futures Group analyst Phil Flynn said. "If we get a cold winter, there are going to be significant price shocks.
Inventories have also failed to build despite lackluster U.S. demand in the first half of this year asWeekly distillates products supplied, a proxy for demand, has averaged 4% lower year-on-year and below the previous five-year average, according to EIA data.
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