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Diesel Margins Facing Pressure After Russia Eased Diesel Ban

OIL PRODUCTS

Diesel cracks have been facing continued downward pressure since Russia’s ban on diesel exports was lifted, according to a report by Oilytics.

  • “With only diesel holding the refinery margin in Europe, refinery run cuts might become a discussion point for the first time since the Russian invasion,” the report said.
  • Macro-economic pressures and weak ICE commitments of traders data are additional pressures that diesel is facing.
  • US ULSD crack up 0.6$/bbl at 38.69$/bbl. While the US diesel crack has fallen by 18% in the last month, it remains above the average level for this time period over the last five years of $29.288/b
  • EU Gasoil-Brent up 0.5$/bbl on the day at 23.99$/bbl.
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