MacroEnergyDiesel Just Broke the 2022 War-Era Record — This Time There's No Single Villain to Blame
Diesel Just Broke the 2022 War-Era Record — This Time There’s No Single Villain to Blame
This is an update, not a repeat: after weeks of diesel margins setting records, the retail pump price itself just overtook the June 2022 all-time high. The price of diesel fuel hit a record Friday as the wars in Ukraine and Iran knock out refineries, triggering a global supply crunch, with truckers paying an average of $5.85 a gallon nationwide, a nearly 60% increase over the same period last year. About 8% of global diesel demand is disrupted right now, with Russia’s export ban cutting 800,000 bpd and Hormuz disruptions removing 1.2 million bpd. Expect freight and food-price pass-through before this reverses.
#DieselMarket #RefiningMargins #TruckingCosts #RussianOil #StraitOfHormuz
Israel’s Last Restraint on Striking Iran’s Oil Facilities Just Got a Public Expiration Date
The one thing that’s kept Iran’s oil infrastructure off the target list all year was a US veto — that veto now has a trigger condition attached. Israel’s Defence Minister said on Thursday that Israel would strike Iran’s energy and civilian infrastructure if Iran were to attack Israel, days after the U.S. and Iran exchanged their biggest barrage since July, with Washington striking Iran’s southern coast and Tehran firing at U.S. bases across the region. If Iran hits Israeli territory, the guardrail on Iranian crude and gas export capacity disappears with it.
#Iran #Israel #StraitOfHormuz #OilGeopolitics #CrudeSupply
Georgia’s Only Refinery Just Finished Ditching Russian Crude — the EU’s Sanctions Playbook Actually Worked
A six-month sanctions grace period just produced exactly the compliance Brussels wanted, and it’s a template other third-country refiners processing Russian barrels should expect to face next. Black Sea Petroleum’s Kulevi refinery has been processing exclusively non-Russian feedstock, successfully completing its switch away from Russian-origin crude oil, following a transition period during July and the first three weeks of August, replacing it with Kazakh barrels and a first shipment of Libyan crude oil delivered August 30 under a long-term agreement. Higher logistics costs are now baked into its margins permanently.