Refined Products, Crude Oil, Gasoline, Diesel-Gasoil
November 09, 2026
US distillate stocks seen at fresh 23-year low in week ended Nov. 6
Editor:
HIGHLIGHTS
Distillate inventories drop to 97.8 million barrels
Refinery utilization increases to 94.9% of capacity
Commercial crude stocks likely climb 500,000 barrels
US distillate inventory draws likely extended during the week to Nov. 6, analysts surveyed by Platts, a part of S&P Global Energy, said Nov. 9.
Nationwide distillate stocks likely declined 1.5 million barrels to around 97.8 million barrels during the period, analysts said. The third straight weekly draw would put stocks 13.2% behind the seasonal five-year average of US Energy Information Administration data and leave them at the lowest outright level since May 2003.
US Atlantic Coast distillate stocks could see some support in the wake of the US Department of Energy releasing barrels from its strategic reserves in the Northeast. On Nov. 2, the DOE awarded 300,000 barrels of ultra-low-sulfur heating oil for delivery to four companies around Nov. 6.
USAC distillate stocks stood 23.9% below the EIA's seasonal five-year average during the week to Oct. 30, but inventories in New England were 42.9% below normal for this time of year.
The US Northeast Heating Oil Reserve has a capacity of 1 million barrels across four locations in Connecticut, Maine and Massachusetts.
US gasoline stocks likely climbed 100,000 barrels to around 209.1 million barrels, analysts said, putting them at par with the EIA five-year average and around 2% above year-ago levels.
Nationwide refinery utilization likely climbed 0.4 percentage point to 94.9% of capacity, analysts said, putting runs 6% above normal for this time of year.
US refining margins, after weakening in late October, have moved sharply lower this month. The US Gulf Coast WTI MEH cracking margin has averaged $37.95/barrel to-date in November, S&P Global Energy CERA data showed, compared with $46.54/b in October and $50.13/b during September.
US commercial crude stocks likely climbed 500,000 barrels to around 410.3 million barrels, analysts said. The build would snap five consecutive weekly draws and pull stocks off the three-month low seen during the last week of October, but would widen the deficit to the five-year average to 5.3% from 5.2% the week prior.
