Distillate inventories build 1.7 million barrels but East Coast fuel cushion stays 30% below normal

The EIA reported a 1.675 million barrel build in U.S. distillate inventories for the week ending October 16, the opposite of the 1.162 million barrel draw analysts had penciled in and a direct reversal of the 2.6 million barrel draw in the American Petroleum Institute preliminary reading.

Key Takeaways U.S. distillate inventories built 1.675 million barrels in the week ending October 16, against a 1.162 million barrel draw expected, and still sit roughly 9% below the five-year norm. East Coast distillate stocks ran about 21.5 million barrels in the week ended October 9, about 30% below the five-year average, with New England down about 40.7% year over year. Refineries ran at 93.4% of capacity…