Diesel fuel is at a premium in parts of Europe and the U.K., threatening the availability of the crude.
We are getting mixed signals whether the European Union is going to put new sanctions on Russian oil and further sanctions on Russia could create more concerns about a diesel shortage, another catalyst to drive prices higher. National World reported that drivers in parts of England have been reporting diesel shortages at fuel stations.
Earlier this week, Russia had to offer their crude at a record discount on their select contracts as it was hard for them to find buyers. So maybe some of the buyers of Russian crude have a conscience or maybe some sanctions may be starting to hurt Russia. At least in a small way, regardless, we know that Russia is still getting a lot of money from places like China and India, as those countries continue to buy Russian oil.
What is clear is that the world can’t afford to lose more diesel. Reports of a fire in Ukraine Monday helped aid the squeeze. Reuters reported details of a large fire that erupted in the early hours of the morning at an oil storage facility in the city of Bryansk 154 km northeast of the border with Ukraine. The market also is wondering if they overplayed the China lockdown fears. China also can squeeze buyers of their products and use the excuse of a COVID lockdown.
Adding insult to injury, natural gas is back on a tear after winter weather hangs on and exports are being maxed to the limit. We believe that natural gas production is going to fall short of demand at the same time we've been writing about a potential diesel shortage this summer. Phil Flynn is senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor.
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