Conclusion
Distillate stocks may be low going into winter
Prices likely to average as high as last winter even without volatility
Natural gas in storage could be low this winter – which also impacts distillate
Natural gas prices likely to be much higher this winter on average
Notes:
- In conclusion – The U.S. may be starting winter with low stocks in all the heating fuel sectors.
- Low stocks translate to an increased potential for price volatility.