# Oil futures up 1% to one-week high on soaring US diesel prices

> Diesel futures jumped about 5% to a near seven-month high, lifting the diesel crack spread to its highest since January 2023. Traders cited a fire at a Louisiana refinery, a drop in US oil rigs and worries about diesel shortages during refinery maintenance. Oil futures rose about 1% to a one-week high.

- Date: 2023-08-25 · published 2023-08-25T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/34772-oil-futures-up-1-to-one-week-high-on-soaring-us-diesel-prices
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A refinery outage combined with upcoming maintenance shutdowns tightens distillate supply, raising trucking and logistics costs for feed mills and grain movers. The bullish signal extends to crude as well.

## Read by commodity

- WTI: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2018-08-26 | [Why Diesel Prices Are Set To Soar](https://feedsoft.ai/events/63722-why-diesel-prices-are-set-to-soar.md) | +1.8% | +3.9% |
| DIESEL | 2020-05-27 | [Diesel stops 19-week slide after fleets contend with historic low oil prices \| Trucking Dive](https://feedsoft.ai/events/53315-diesel-stops-19-week-slide-after-fleets-contend-with-historic-low-oil-prices.md) | +9.1% | +24.1% |
| DIESEL | 2016-12-28 | [Diesel prices to start edging up in 2017 - Grainews](https://feedsoft.ai/events/73665-diesel-prices-to-start-edging-up-in-2017-grainews.md) | -0.9% | -4.2% |
| DIESEL | 2023-08-14 | [US diesel prices surge anticipating a soft landing](https://feedsoft.ai/events/34771-us-diesel-prices-surge-anticipating-a-soft-landing.md) | +1.2% | +8.3% |
| DIESEL | 2022-04-28 | [Why diesel prices are driving up the cost of everything](https://feedsoft.ai/events/42030-why-diesel-prices-are-driving-up-the-cost-of-everything.md) | -3.1% | -16.2% |
| WTI | 2022-02-07 | [Soaring oil prices, weakening won weigh on Korea's economy - The Korea Times](https://feedsoft.ai/events/42957-soaring-oil-prices-weakening-won-weigh-on-korea-s-economy-the-korea-times.md) | +0.9% | +29.3% |
| WTI | 2024-12-24 | [Oil prices up on US growth data](https://feedsoft.ai/events/27128-oil-prices-up-on-us-growth-data.md) | +4.0% | +7.9% |
| WTI | 2020-05-27 | [Diesel stops 19-week slide after fleets contend with historic low oil prices \| Trucking Dive](https://feedsoft.ai/events/53315-diesel-stops-19-week-slide-after-fleets-contend-with-historic-low-oil-prices.md) | +6.6% | +16.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-heads-weekly-fall-demand-worries-dollar-strength-2023-08-25/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.