Diesel fuel gained for the first time in more than two weeks in Chicago after inventories of distillate products in the region were at the lowest seasonal level since 2006, according to a report yesterday.
Stockpiles of distillates including heating oil and diesel were 25.4 million barrels in the Midwest in the week ended Dec. 14, the Energy Department said in a weekly report yesterday. Supplies of motor fuel were 49.9 million barrels in the region.
The discount for ultra-low-sulfur diesel fuel in the Chicago region narrowed by 1 cent to 7.5 cents a gallon versus heating oil futures on the New York Mercantile Exchange at 2:40 p.m. The discount for the ultra-low-sulfur diesel on the U.S. Gulf Coast gained 3 cents to 3 cents below futures.
Distillate inventories nationwide dropped 1.09 million barrels to 117 million, led by a decline of 2.65 million on the Gulf Coast.