Outlook for US middle distillate demand, which has grown slightly amid rising exports so far in 2015, will look bearish as the Brent/WTI spread narrows in a globally oversupplied market, speakers at Benposium East 2015 said in New York Thursday. Robust refining margins and lackluster demand growth in the first half of the year has led to the record-breaking stocks of ULSD in New York Harbor, Ed Morse, head of global commodity research at Citigroup Global Markets, said. Suzanne Minter, manager of energy analysis at Bentek Energy, said refined US product stocks have consistently been higher throughout 2015 than in previous years, and while demand is still increasing, it has not kept pace. “ULSD was supposed to be the barrel that refiners wanted to make, but these margins aren’t getting the uplift,” Minter said. Article continues below… US Marketscan provides you with a daily market overview of the major […]