Refinery Attacks Deepen Global Diesel Supply Crunch

AI Summary

Diesel prices surged globally following attacks on refineries in Ukraine and Saudi Arabia, deepening an existing fuel supply crunch just before peak demand season. Refining margins in Europe have risen sharply amid ongoing war-related disruptions impacting worldwide fuel supply.

Diesel prices surged earlier this week on news about yet another Ukrainian attack on a Russian refinery and a Houthi attack on a Saudi refining facility. Global fuel supply is already out of balance, and the continued refinery disruption will only aggravate the situation, right before peak demand season. Reuters reported Monday that refining margins in Europe had surged by 10%, and that surge was from an already elevated starting point as refiners around the world see their margins rise to all-time highs on the supply tightening caused by the war…