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Diesel Down Despite Supply Issues

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Crude and diesel prices headed in opposite directions in the shoulder season between winter heating and summer driving demand. Diesel prices fell even in Europe, which uses diesel as its main road fuel and faces the challenge of replacing Russian ultra-low-sulfur diesel (ULSD) imports. Europe’s distillate traders seem impervious to the task ahead. Russian diesel exports are at a postwar high and sales outside of the EU are freeing up plenty of non-Russian alternatives to come to Europe. Europe is importing more ULSD from regular suppliers in the Mideast Gulf and India as well as the US. The region is also drawing new volumes from farther east — China, Singapore and South Korea — as well as from Turkey, which is busy swapping Russian imports for its own fuels production.

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