US manufacturers in halting recovery but diesel use tepid: Kemp
LONDON -U.S. manufacturers are gradually emerging from a prolonged but shallow slowdown over the last two years, but progress has been fitful, and their consumption of diesel remains tepid, which is weighing on oil prices.
Indicating the expansion could remain desultory for a few more months, the new orders component slumped to 45.4 in May from 51.4 in March.Manufacturers reported weaker conditions than their counterparts in services, real estate, construction, mining and farming.Manufacturing provides fewer jobs and accounts for a smaller share of overall economic output but is much more energy-intensive.
But consumption of distillates has been even more lacklustre than the slow and halting recovery in manufacturing activity over the last six months. Supply can be volatile from one month to the next. March may have been an outlier. But distillate consumption has been lagging the upturn in manufacturing for several months.
Total distillates supplied have been broadly flat over the past 12 months despite the reported improvement in manufacturing and freight activity.Reflecting tepid consumption and strong refinery crude processing to make gasoline, distillate stocks have been trending higher for the last three months.
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