US distillate stocks rose yet again in the week ended September 4 to the highest level since 2011, US Energy Information Administration data showed Thursday, marking the latest move in an upward trend that has pushed some East Coast storage operators to switch gasoline tanks to distillate service in recent weeks. The stocks were up 952,000 barrels to 150.90 million barrels, marking the 11th consecutive week in which the number rose and the strongest level since October 7, 2011, when they were 154 million barrels, according to the data. The ULSD stocks have built on a strong contango in the market throughout most of the summer, leading companies to buy and store product to capture cheaper prices and the carry in the market. “I don’t think we’ve had the structure [in past years] that we’ve had in the market for most of the summer,” one distillate source said. “I […]