U.S. distillate inventories have started to climb seasonally – which should temper some of the bullishness about oil prices and refining margins in the short term. Stocks usually increase at this time of year as refineries ramp up their crude processing to produce gasoline for the summer driving season and make more distillates as a co-product. But even with the recent increase, stocks are still at the lowest seasonal level since 2005, and they are not rising especially rapidly, which is likely to keep prices on an upward trend. Distillates will remain in short supply until the business cycle slows and there […]