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The Group 3 X-grade ULSD differential in Tulsa, Oklahoma rose 14.75 cents/gal on November 6, its largest one-day gain since October 2023, after a sharp selloff in the two prior sessions. Market participants cited steep NYMEX backwardation, a sharp regional inventory draw, the end of harvest season, and a lack of data during the US government shutdown.
The Mo1-Mo2 spread widened to 5.94 cents/gal.
Steep backwardation and a regional inventory draw signal tight near-term Midwest diesel supply, which supports higher fuel costs for buyers, though the move is largely short-term volatility.
spglobal.comAaron TuckerNov 7, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
