# U.S., European thirst for fuel sends physical oil prices soaring

> Refining margins for diesel and gasoline in Europe and the US surged after a cutoff in Russian supply, sending physical crude prices for some grades to record premiums. Nigerian and North Sea differentials reached all-time highs as US summer driving season began.

- Date: 2022-05-30 · published 2022-05-30T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/41561-u-s-european-thirst-for-fuel-sends-physical-oil-prices-soaring
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Record fuel cracks and physical premiums signal acute distillate tightness, raising diesel and transport costs for feed supply chains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-07-02 | [What higher oil prices mean for OPEC and the U.S. \| Brookings](https://feedsoft.ai/events/63956-what-higher-oil-prices-mean-for-opec-and-the-u-s-brookings.md) | -0.3% | -4.5% |
| WTI | 2026-10-01 | [Oil prices rise $3 as China suspends fuel exports](https://feedsoft.ai/events/9318-oil-prices-rise-3-as-china-suspends-fuel-exports.md) | -2.3% | +8.7% |
| WTI | 2026-10-01 | [Oil prices rise as U.S. reportedly prepares to send third carrier to Mideast](https://feedsoft.ai/events/9317-oil-prices-rise-as-u-s-reportedly-prepares-to-send-third-carrier-to-mideast.md) | -2.3% | +8.7% |
| WTI | 2019-01-29 | [Oil prices up two percent following U.S. sanctions on Venezuela](https://feedsoft.ai/events/61243-oil-prices-up-two-percent-following-u-s-sanctions-on-venezuela.md) | +5.2% | +6.8% |
| WTI | 2026-03-03 | [Iran War Sends Diesel Prices Soaring All Over the World on Supply Chokepoints - Bloomberg](https://feedsoft.ai/events/5528-iran-war-sends-diesel-prices-soaring-all-over-the-world-on-supply-chokepoints.md) | +33.1% | +46.3% |
| BRENT | 2018-07-02 | [What higher oil prices mean for OPEC and the U.S. \| Brookings](https://feedsoft.ai/events/63956-what-higher-oil-prices-mean-for-opec-and-the-u-s-brookings.md) | -3.1% | -4.9% |
| BRENT | 2022-02-24 | [European gas prices soar and oil tops $105 after Russia attacks Ukraine](https://feedsoft.ai/events/42882-european-gas-prices-soar-and-oil-tops-105-after-russia-attacks-ukraine.md) | +18.2% | +27.0% |
| BRENT | 2026-10-01 | [Oil prices rise $3 as China suspends fuel exports](https://feedsoft.ai/events/9318-oil-prices-rise-3-as-china-suspends-fuel-exports.md) | +2.6% | +8.8% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2022/05/us-european-thirst-for-fuel-sends-physical-oil-prices-soaring/

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