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Since February 5, 2023, the EU ban on seaborne petroleum product imports from Russia has been in effect, cutting Russian diesel's share of Northwest Europe's seaborne imports from 53% to 2%. Imports from Saudi Arabia, India, China, South Korea and the US rose to replace them.
Europe's shift to new diesel suppliers changes global distillate trade flows and freight routes, which can keep diesel and shipping costs elevated for feed logistics.
eia.govMar 7, 2023After 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.
Not 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.
