Diesel powers the economy with trains, trucks, tankers and planes all using the fuel. And with prices soaring, consumers are paying more.
Europe's move away from dependency on Russian energy is hastening the rapid price appreciation. The bloc currently imports around 700,000 barrels per day of diesel from Russia, according to Stephen Brennock at brokerage PVM.
Refiners can't just ramp up output to meet surging demand, and utilization rates are already above 90%. In the U.S., refining capacity has decreased in recent years. The largest refining complex on the East Coast — Philadelphia Energy Solutions — shut down following a fire in June 2019.Some refiners are also undergoing routine maintenance checks that were overdue following the pandemic.
Tom Kloza, head of global energy research at OPIS, said that in years past a barrel of diesel typically sold for $10 above the price of crude oil. Today, that differential – known as the crack spread – has surged to a record high above $70.
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