Middle distillates to strengthen on supply constraints?

Diesel and heating oil prices have risen on the back of crude oil gains this year, but they also have some unique supply and demand issues to consider, finds Jay Maroo

Diesel pump

Diesel and heating oil have risen steadily this year, buoyed not only by the rise in crude prices but also by some fundamentals specific to these middle distillate products. Experts believe supply constraints could become a feature that will support prices for the foreseeable future.

So far this year, prompt-month values for Ice gas oil futures have risen by 8.6% to $1,035.75/tonne, front-month heating oil at the New York Mercantile Exchange has risen by 8% to $3.2819/gallon, while Ice Brent

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