Low diesel inventories and refinery outages keep global refined fuel markets tight. The U.S. has seen diesel inventories decline to levels rarely observed during the summer months. According to the U.S. Energy Information Administration, distillate stocks for the week ending July 31 stood at 107.2 million barrels, a decrease of 3.5 million barrels from the previous week. This figure is 5.1% lower than the same period last year and 16.1% below the corresponding level in 2024. Since distillate stocks include diesel and heating oil, they serve as a crucial indicator of fuel availability.