Global trends for distillate fuels, which include diesel and heating oil, are quickly increasing the demand for the fuel and triggering major changes in the United States’ role in the world distillate market.

Distillate fuels, which count as the second largest petroleum product consumed in the U.S., are used for everything from fuel for trucks and trains to residential heating and even a small amount of power generation.

The U.S. was a net importer of small volumes of distillate for many years, with imports primarily originating from Canada and the Virgin Islands, explains the Energy Information Administration. The U.S. imports would usually occur during the winter heating season, "when additional supplies from areas like Eastern and Western Europe and Latin America would occasionally surge," said the EIA.

Ernst & Young said in a new outlook report for the fourth quarter that general optimism and a weakening U.S. dollar are creating strong commodity prices, despite sluggish short-term demand and high inventories.

“To a large extent, oil prices continue to be higher than market fundamentals justify,” the accounting firm says in an analysis report issued last week.

Marcela Donadio, who heads the oil and gas sector at the firm, said the key question in the months ahead is whether “private and corporate dollars will step in to carry on the economic recovery and create growth in energy demand once the stimulus dollars poured by the government are all used up.”