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Bloomberg reports that a global diesel glut is developing as refiners, particularly in Europe and the US, maximize diesel output and minimize jet fuel while freight and industrial demand remain weak. OPEC+ output cuts were extended but do little to address refinery margins.
The surplus is cited as a drag on the wider oil price recovery.
Excess diesel supply weighs on refined product prices and undercuts crude's rebound, which can keep trucking and farm fuel costs low.
airfreight.newsBloombergJun 8, 2020Not enough comparable past events yet for a historical read.
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.
