Europe’s high distillate inventories are forcing traders to get creative in shipping, according to an analysis from the Energy Information Administration (EIA).
Inventories of heating oil and diesel in the Amsterdam-Rotterdam-Antwerp (ARA) region are above 26 million barrels, which is seven million barrels higher than the five-year average, the EIA says.
The high distillate inventories stem from a warmer-than-usual winter in Europe, strong domestic refinery production, and high levels of imports from the Middle East and India.
