Low fuel inventories cause special concern in US Northeast
Fuel supplies are lower than normal across the country for a variety of reasons, including the war in
Diesel fuel and heating oil, which comprise the distillate category, are 63% below the five-year average in
The Northeast is heavily dependent on heating oil to keep homes warm in the winter, while other regions rely more on natural gas and electricity. Also, the
Energy Secretary
The federal agency has been monitoring the problem and is attempting to be proactive with outreach. But there's little incentive for buyers to stock up on high-priced fuel for storage because it is anticipated that prices will drop, said
The fuel inventory concerns come against a backdrop of Russian's invasion of
In
Heating oil disruptions would hit the region hard because the percentage of homes that rely on it range from 24% in
Despite the concern, wholesale suppliers and retailers are working well together, and Ferrante said he anticipates inventories will increase in September and October, easing the immediate concerns.
He said he is optimistic that there will be an ample supply of heating oil.
“Suppliers and retail delivery companies are concerned about prices and inventory, but there’s not any alarm bell being rung at this time," he said. “I don’t see a crisis at this point.”
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