Worries About Distillate Stocks Persist

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Although the government announcement of its plan to tap the Strategic Petroleum Reserve has dropped oil prices on the New York Mercantile Exchange and elsewhere from 10-year highs, concern about distillate supplies in the coming winter persists.

And there may be good reason.

Bob Costello, chief statistician for American Trucking Associations, said that stocks of crude oil exceeded market expectations in the Oct. 4 report of the American Petroleum Institute. He conceded that oil supplies would eventually be refined to swell distillate inventories.

“But will it happen in time?” he asked, noting that the winter heating season is almost upon residents of the Northeast.

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