Diesel Panic: Why Fuel Markets Are Entering Crisis Mode. From July 7, 2025

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A historic diesel crunch is unfolding across the Atlantic, and traders are scrambling. In the U.S., diesel stockpiles have dropped to their lowest seasonal level since 1996. Over in Europe, futures spreads are widening fast with the prompt premium in northwest Europe spiking to $44 per ton, a level not seen since late 2022 outside of expiry dates. Diesel's share of total oil product output hit just 31.4% last month, according to Energy Aspects well below typical seasonal averages. That's setting off alarm bells in a market that relies on diesel for everything from trucking to heating to industrial machinery.

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