US diesel stockpiles just fell below 100 million barrels for the first time since 2003The EIA says distillate inventorie…

US diesel stockpiles just fell below 100 million barrels for the first time since 2003

The EIA says distillate inventories dropped 3.6 million barrels last week to 99.3 million, the lowest level in more than 23 years

That's a much bigger draw than the 1.5 million barrels pulled the week before, and it lands right as the heating season starts

The Strategic Petroleum Reserve also slipped another 0.4 million barrels to 282.2 million, its lowest since 1982

Crude inventories fell 0.9 million barrels to 409.8 million while gasoline dipped 0.2 million

This matters for $ExxonMobil(XOM.US), $Chevron(CVX.US), $Valero Energy Corp New(VLO.US) and $Marathon Petroleum(MPC.US), because diesel runs trucks, trains, farms and factories, so tight supply feeds straight into shipping and food costs

Oil has dropped below $93 over the last 4 days, but the fuel the real economy actually burns is getting scarcer, and that gap won't stay quiet once winter demand shows up

Source: StockMarket.News