U.S. consumption of diesel and other distillate fuel oils ended last year at the slowest rate for a decade in response to the slowdown in manufacturing and freight activity, government data released on Tuesday showed.
Since then, growth in manufacturing production and distillate use has been slowing and both turned negative in the final months of 2022.U.S. manufacturing activity contracted in every month between November 2022 and February 2023, according to monthly business surveys conducted by the Institute for Supply Management .
Distillate growth slowed to the 26th percentile in the three months from October to December, down from the 80th percentile at the end of 2021. More timely but less comprehensive weekly statistics show stocks rebuilding further in the first two months of 2023. Notwithstanding the impact of poor weather, growth seems to have been decelerating slightly since November, as oil prices and drilling rates have fallen.
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