The U.S. is competing with Europe for diesel and other distillate fuels as inventories plummet to dangerous levels
Global diesel and distillate fuel stocks have fallen to dangerous levels. U.S. buyers are snapping up diesel cargos originally planned for Europe as the crisis deepens.While the OPEC+ agreement to cut crude oil production and the U.S. reaction to it dominate headlines, a much more immediate crisis is getting worse by the day.
The situation has become so grave that U.S. buyers have begun snapping up diesel cargos originally sailing for Europe.earlier this month that at least three tankers carrying diesel from the Middle East had changed their course mid-journey and were now traveling to the United States. And this new competition is about to intensify.
factors, such as the French refinery workers’ strike, which has made the shortage much worse than it would have been otherwise, and the upcoming planned maintenance-related refinery closuresEurope is currently buying a lot of Russian diesel to fill the gap, but this will have to stop next February as the embargo on Russian fuels kicks in, further aggravating an already complicated situation with the supply of middle distillates in a major consuming regionthis week that Europe is in for a major...
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