Diesel Price Hits Four-Month High as Supply Shortages Worsen

September 1st, due to the renewed attack on the refinery resulting from the Middle East and Ukraine conflict, the diesel price tightened further, reaching the highest level in over four months. This has exacerbated concerns about inflation and brought broader pressure to commodity prices.

The Intercontinental Exchange (ICE) diesel futures price once rose by 4.2%, reaching the highest level since April 9th. The crack spread (the price difference between diesel and Brent crude oil) remains high, having reached a historical high last month.

In addition, European diesel prices continue to rise, widening the gap with Asian diesel prices. The diesel price has risen by over 50% since the low point on June 18th, exceeding the price increase of crude oil during the same period. (Jinse)