Global Diesel Supply Crunch Is Set to Last Through Winter
Industry executives say limited refining capacity and export bans are leaving diesel inventories near historic lows, with U.S. prices recently topping $5.90 a gallon.
- On Tuesday, Vitol CEO Russell Hardy told the Asia-Pacific Petroleum Conference that global markets face a distinct structural deficit, missing 2 million barrels daily from Russia and nearly 2 million barrels daily from the Middle East.
- Middle Eastern facilities currently export only 1 million barrels of products daily, and refining capacity remains insufficient to compensate for reduced exports while struggling to ship fuel through the Strait of Hormuz.
- Phillips 66 senior vice president Mark Senn warned that with refineries already running flat out, diesel stocks face a significant winter deficit, compounded by ongoing Yemeni Houthis strikes on the 400,000-barrel-capacity Jizan refinery.
- Record-Breaking diesel prices in the United States have topped $5.90 per gallon this month, while buyers across Europe and Latin America compete aggressively for a shrinking pool of spot cargoes, raising logistics risks.
- Global diesel supply will likely remain tight into next year, as industry analysts report no immediate hope for replenishment and market strength could continue through winter without expanded refining capacity.
20 Articles
20 Articles
Diesel shortage will last through winter, top oil traders warn, as US prices hit record - The Daily Bo Snerdley
U.S. diesel hit a new record Monday with refineries running near capacity — and oil executives warned supplies would stay tight through winter. The global market is short approximately two million barrels a day of refined products from Russia and an additional nearly two million from the Middle East, Vitol CEO Russell Hardy told the Asia Pacific Petroleum Conference in Singapore on Tuesday, Reuters reported. Middle Eastern producers still export…
The world's supply of diesel will face problems by early next year, due to the lack of available refining capacity, Russia's decision to ban diesel exports, and the nearness of the moment...
Diesel shortage will last through winter, top oil traders warn, as US prices hit record
U.S. diesel hit a new record Monday with refineries running near capacity — and oil executives warned supplies would stay tight through winter. The global market is […]
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Global Diesel Supplies Face Tight Winter Market as Refining Capacity Stays Limited
Diesel markets are expected to remain tight through the winter as limited refining capacity, Russia's export ban and disrupted Middle Eastern supplies put pressure on ... The post Global Diesel Supplies Face Tight Winter Market as Refining Capacity Stays Limited first appeared on [your]NEWS.
Global diesel supply to stay tight through winter, energy executives warn
The international diesel market faces a prolonged crunch that is expected to keep supplies tight through the upcoming winter heating and logistics season, major energy executives warned.The wars in...
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