Europe: Diesel Prices Still Firm Despite Demand Warnings

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Diesel profits remain sky-high in Europe despite fresh warnings from analysts that high fuel prices trigger demand destruction. Energy Intelligence sees global diesel demand flat in 2023 after rising 500,000 barrels per day to 27.9 million b/d in 2022 under the weight of persistently high prices and slowing economic growth, and despite increased gas-to-oil switching. Europe will continue to be the global pricing center for diesel and is still trading close to $40 per barrel over Brent. This is high by historic standards, but down from the peak $75/bbl struck in mid-October.

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