Despite an increase in output in January, the U.S. manufacturing sector has weakened in recent months due to softer consumer demand and higher borrowing costs. The slowing manufacturing activity seems to have led to stagnating demand for diesel and other middle distillates in the United States. But other economic data – out this week – showed a resilient economy and job market, suggesting that the Fed could be more hawkish with interest rate hikes to cool inflation. As a rule of thumb, the expected economic slowdown…
