Aug. 18 at 11:09 PM
The profit gap between crude oil and diesel in the US, known as the crack spread, soared to a never-before-seen
$102.20 per barrel just one day ago.
That figure also represented fresh peaks during five out of the prior six market sessions.At the same time, American diesel stockpiles have sunk to levels not seen this late in the season since 1996.
Worldwide refining activity has dropped by five million barrels daily versus the previous year, largely because of the ongoing wars involving Iran and Ukraine. Adding to the pressure, Russia has blocked diesel exports internationally until at least the end of January.
All of this is unfolding precisely when Northern Hemisphere farmers are entering peak harvest season and relying heavily on diesel.
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