Commodities
Home›Commodities›Energy›U.S. diesel prices near record highs as global supply…
U.S. diesel prices near record highs as global supply tightens
AAA data shows U.S. diesel averaged $5.7832 per gallon Thursday, just $0.03 below the mid-June 2022 record, as tightened supply and rising demand lift cracks to record levels this week.
OilPrice reports that U.S. diesel prices averaged $5.7832 per gallon on Thursday, only three cents below the record high of $5.8159 set in mid-June 2022. The outlet said the U.S. gasoline national average remains about $1 below its June 2022 all-time high of $5.0165, but is above $4.10 per gallon and the highest for this time of year.
OilPrice links the move higher to supply constraints and demand pickup. It cited severely tightened diesel markets in recent weeks, driven by reduced fuel supply amid the Iran and Ukraine wars, rising seasonal demand tied to the harvest season, and insufficient replacement capacity elsewhere.
The outlet also pointed to recent developments that boosted refining economics, including a re-escalation in the Middle East and a Russian ban on diesel exports amid ongoing Ukrainian drone attacks on refineries. It said middle distillate cracks have reached record highs this week, adding to the pressure on diesel pricing.
Latest closeGasoline (RBOB) $3.096 ▼1.2%