Diesel Cracks Hit Record Highs as Global Fuel Squeeze Deepens

US Gulf Coast diesel prices hit all-time high amid global supply disruptions

Diesel Cracks Hit Record Highs as Global Fuel Squeeze Deepens

The re-escalation in the Middle East and the Russian ban on diesel exports amid incessant Ukrainian drone attacks on refineries have pushed middle distillate cracks to record highs this week. The renewed exchange of strikes in and around the Strait of Hormuz has erased hopes of a swift recovery of oil product flows from the Middle East, leaving the diesel markets tight, ING’s commodities strategists Warren Patterson and Ewa Manthey wrote in a no…

US diesel heads toward record highs as Russia's export ban tightens fuel markets

As U.S. diesel prices move closer to record levels, experts are warning that the impact is spreading far beyond the truckers and farmers who need to fill up their tanks.