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Prices for diesel and other distillate fuels have surged as expectations of a US soft landing and an improving economic outlook threaten to deplete already low inventories. NY Harbor ULSD futures for September rose to $135 per barrel on Aug.
9, up from $95 on May 31. Distillate prices have risen much faster than crude, widening refiner margins.
Higher diesel costs raise freight and farm fuel expenses that feed buyers pay through delivered prices. Tight distillate stocks and wider refining margins point to continued upward pressure on energy-linked input costs.
reuters.comJohn KempAug 14, 2023After 105 past bullish macro events, ULSD / Diesel moved a median -0.4% over 5 sessions (45% higher; middle half -3.4% to +1.8%), and +1.2% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
