Diesel crack spreads have hit record highs due to supply disruptions and potential export bans. Russia’s diesel export ban, extended through September 30, is contributing to tight supply conditions. In the US, diesel crack spreads reached an intraday high of $108.02 per barrel in early September and were still around $101.1 per barrel according to the latest reports. US retail diesel prices have also climbed to a record $5.85 per gallon. These developments have prompted market participants to reconsider the potential for crude oil to reach new all-time highs, with market pricing at 1.6% YES by end of September and 16% YES by year-end.
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