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Global diesel prices soar after latest US sanctions on Russia – Reuters  — RT Business News

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Global diesel prices soar after latest US sanctions on Russia – Reuters  — RT Business News

Prices have hit a five-and-a-half-month high amid fears of disruptions to supply, according to the outlet

Global diesel prices and refining margins have surged following the latest round of US sanctions targeting Russia’s oil trade, driven by traders’ expectations of reduced diesel and crude supply, Reuters reported on Friday, citing analysts and London Stock Exchange (LSEG) data.

Last week, the outgoing US administration imposed a “sweeping” round of sanctions on Russia in coordination with the UK. The measures targeted two major oil producers, Gazprom Neft and Surgutneftegaz, and more than 180 vessels allegedly used to transport Russian oil in circumvention of Western restrictions, which the US has described as a ‘shadow fleet’.

In the week after the sanctions, the benchmark diesel contract in Western Europe reached a ten-month high, the outlet said, citing LSEG.

The futures market indicates tight supplies or a market deficit, where prices for front-month contracts are higher than those for deals further out in time.

Diesel refining margins hit their highest level in more than five months at $20 per barrel on Thursday.

“Diesel [profit margins] are up following news on the sanctions, and we expect meaningful disruptions to Russian diesel exports,” Energy Aspects analyst Natalia Losada told Reuters.

She noted that at least 150,000 barrels per day of Russian diesel exports from the sanctions-hit Gazprom Neft and Surgutneftegas refineries are at risk.

Although most of the sanctioned tankers reportedly transport crude and fuel oil, restrictions could affect refinery operations in India and China, potentially reducing diesel exports to the EU, analyst James Noel-Beswick of Sparta Commodities told the outlet.

EU countries are largely powered by diesel, which is used in cargo transportation and aviation, and also for heating homes. A sharp rise in prices would add pressure to the bloc’s already struggling economies, which previously relied on Russian diesel imports until they were banned.  

The analyst added that Türkiye and Brazil, Russia’s top diesel buyers, could be forced to look for alternative sources such as the US and Middle East, increasing competition for European buyers.

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