Diesel markets are soaring all over the world:
In Asia, the lowest inventories in years have driven margins from making the fuel to a four-month high. Winter there is chillier than usual and demand for transport, industrial and heating fuels are getting a boost.
In the U.S., diesel prices have surged to highs not seen since 2014, driving up the cost of trucking, farming and — in parts of the country — heating homes. The surge is a blow to the Biden administration’s efforts to tame inflation. Rising jet fuel demand has also eaten into diesel output in recent months because refiners have scope to toggle between diesel and jet fuel, and they’re increasingly choosing the latter.
So-called crack spreads, the fuel’s margin to crude, and time spreads that denote the strength of immediate supply-demand balances are rallying hard.
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