Diesel, marine gasoil, and jet fuel—collectively known as middle distillates—account for more than a third of global oil consumption. Used in road transportation, shipping, aviation, and manufacturing, middle distillates are more closely linked to economic growth than any other section of the oil products market. Inventories of middle distillates—one of the most important refinery products—are also closely correlated with oil price trends and with the shape of the oil futures curve, so the pace of distillates demand and their stock levels could be the key determinant for the oil price changes through the next two years, Reuters market analyst John Kemp writes. At times of industrial activity expansion and economic growth, demand for middle distillates jumps, and their stocks decline. If the current global economic growth is sustained, distillates demand will rise, lifting crude oil prices. But higher oil prices would raise inflation and could force an economic slowdown, […]