US Diesel Crack Surpasses $100 Per Barrel Amid Ongoing Supply Disruptions
The US diesel crack has surpassed $100 per barrel for the first time as supply disruptions from ongoing wars in Iran and Ukraine, combined with peak agricultural consumption season, put pressure on refining profitability.
Measuring the premium of US diesel futures over US West Texas Intermediate crude oil futures, the US diesel crack hit an all-time high of $102.20 per barrel on Monday, up 2.4% from Friday's price.
The International Energy Agency reported that global refinery crude throughput averaged 80.9 million barrels per day in July, down about 5 million bpd from a year ago.
The diesel crack has reached new intraday record highs in five of the last six sessions, reflecting growing concerns about fuel availability and its impact on various sectors of the global economy.