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Bloomberg reports that refinery halts, seasonal plant maintenance, attacks on Russian energy facilities and Red Sea disruption are squeezing diesel supplies in Europe. The continent relies on fuel that helps power its economy.
Traders are focused on the tight supply position.
Tight European diesel supply tends to pull distillate imports and prices higher, raising costs for freight and farm operations. Continued Red Sea disruption adds to delivery delays and costs.
bloomberg.comJack WittelsFeb 12, 2024After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
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.
