US Atlantic Coast heating oil imports leap as shippers supplement flagging pipeline supply
US Atlantic Coast imports spiked in the reporting week ended December 12, according to data released Wednesday by the EIA, as increasing winter demand in the Northeast was met with dwindling pipeline supply, opening the arbitrage from Europe.
Atlantic Coast imports of heating oil with up to 2,000 ppm sulfur jumped 81,000 b/d to average 91,000 b/d for the week, according to the EIA data. This marks the highest since the week ended April 11, when it was 167,000 b/d.
The increased flow of imports hasn't led to higher stocks in the Northeast, though, as Central Atlantic and New England stocks have fallen by 58,000 barrels and 127,000 barrels, respectively.
"For a while, the pipeline has been stuffed with gasoline, and not much distillate has been shipped up," an analyst said.
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