U.S. diesel exports last week dropped to record low domestic stocks since 1996

ON 6 AUGUST, THE UNITED STATES EXPORTED RECORD QUANTITIES OF DISTILLED FUEL TO OVERSEAS LAST WEEK, WHILE DOMESTIC STOCKS DECLINED AGAIN, AND THE GLOBAL COMPETITION FOR DIESEL FUEL IS DEPLETING UNITED STATES SUPPLIES. ACCORDING TO DATA RELEASED ON WEDNESDAY BY THE UNITED STATES ENERGY INFORMATION AGENCY (EIA), LAST WEEK ' S DISTILLED FUEL EXPORTS ROSE TO 1.9 MILLION BARRELS PER DAY, THE HIGHEST EVER RECORDED, SURPASSING THE PREVIOUS PEAK IN MAY. THE DISTILLATION FUEL CONSISTS MAINLY OF DIESEL FUEL, HEATING OIL AND OTHER PRODUCTS. IN THE EARLY DAYS OF THE AMERICAN-IRAQ WAR, THE GLOBAL DIESEL MARKET WAS IN TURMOIL. THE GLOBAL FUEL SUPPLY HAS BEEN HIT BY THE INABILITY OF CRUDE OIL AND REFINED OIL TANKERS TO CROSS THE STRAIT OF HORMUZ. SINCE THEN, SEVERAL MONTHS OF ATTACKS BY UKRAINE ON RUSSIAN OIL REFINING FACILITIES HAVE FURTHER INCREASED SUPPLY PRESSURE. THIS MAKES THE UNITED STATES ONE OF THE FEW COUNTRIES IN THE WORLD WITH SUFFICIENT DIESEL PRODUCTION CAPACITY TO PRODUCE FUEL IN LARGE QUANTITIES AND EXPORT OVERSEAS. UNITED STATES DIESEL EXPORTS HAVE EXCEEDED 1.5 MILLION BARRELS PER DAY FOR FIVE CONSECUTIVE WEEKS. UNITED STATES FUEL STOCKS CONTINUE TO DECLINE EVEN IF THE REFINERY IS FULLY PRODUCING DIESEL FUEL. BY LAST WEEK, AFTER SEASONAL ADJUSTMENTS, THE DISTILLED FUEL STOCK HAD FALLEN TO ITS LOWEST LEVEL IN THE SAME PERIOD SINCE 1996。