Demand for refined products

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Bloomberg. The World Is Buying American Diesel as Fast as Refiners Can Make It.

The international market has a message for American refiners: Stay calm and keep turning crude into diesel. While a global glut has pushed crude prices down to five-month lows, manufacturers of middle distillates can’t make enough to satisfy demand. A combination of seasonal events is giving refiners on both the Atlantic and Gulf coasts a chance to boost exports to Europe and South America. “Everybody is freaking out about high refinery rates” in the U.S., said Robert Campbell, head of oil products research for Energy Aspects in New York, as plants in the U.S. processed record levels of crude into refined products last month. Domestic demand for gasoline may be slipping in the U.S., but there’s no reason to panic when it comes to distillate.