diesel News Updates

Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods.

Global diesel supplies have faced severe constraints since the U.S. and Israel first attacked Iran in late February.

ICE gasoil futures, the global diesel benchmark, climbed as much as 4.2% to their highest level since April 9. 

A near-perfect storm of factors has coalesced to raise prices, threatening a winter of higher heating bills and inflationary shocks.

Drivers are paying an average of $4 a gallon for gasoline and $5.40 a gallon for diesel in the second week of August for the first time.

Disruptions in the Strait of Hormuz and damage to Persian Gulf refineries, as well as a wave of Ukrainian attacks on Russian plants, have severely constrained exports from exporting regions.

The global scramble for diesel is increasingly draining U.S. supplies. Exports of distillate fuel rose to 1.9 million barrels a day last week, according to data released by the EIA.

U.S. refiners are turning crude oil into gasoline and diesel at a pace not seen since before the pandemic, but even that is unlikely to rein in soaring prices.

For years, motor carriers have focused on attracting and retaining truck drivers. At the same time, though, a parallel struggle has emerged in maintenance bays.

Refiners are on track to produce the most diesel the U.S. has ever made in the month of July, and one of the highest months on record outside of winter heating season.