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Diesel Market Panic Overshadows Opec-Plus Cuts

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Diesel price gains outpaced crude by almost three-to-one in Europe as French refinery strikes hit local fuel production ahead of a looming ban on imports from Russia. The whole petroleum complex surged higher after Opec-plus slashed its targeted oil production by 2 million barrels per day from November. ICE Brent crude oil futures gained almost 7% to close at a five-week high of $94.42 per barrel Thursday, while low-sulfur gasoil (LSGO) futures on the same exchange surged more than 17% to close at a two-month high of $1,185.75 per metric ton. Similar moves were seen in the US where Nymex diesel futures surged 15% compared to a 9% uptick in West Texas Intermediate which finished the week at $88.45/bbl.

Jet Fuel, Diesel/Gasoil, Crude Oil, Oil Spot Markets
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