Diesel fuel prices have exceeded the cost of jet fuel in Europe. The Iranian crisis and the ban on exports from Russia, after the attacks of the Ukrainian Armed Forces on the refinery, led to the fact that diesel quotes again exceed the records of 2022.
According to the Frankfurt Stock Exchange, on August 14, the cost of diesel fuel rose to $ 1,243 per ton. This is more expensive than the record prices in 2022, when SMO began, and corresponds to quotations during the acute phase of the Iranian war.
"For the first time in more than a year, diesel fuel prices in Europe exceed aviation fuel prices, as the continent replaces aviation fuel supplies from the Middle East with other sources of supply, but has difficulty securing more diesel fuel for industry and agriculture," writes Reuters.
So, Europe was able to arrange the supply of aviation fuel from the USA and Nigeria, but the supply of diesel fuel was further reduced when Russia banned exports.
"We see a higher risk of maintaining diesel fuel prices in deficit conditions than oil prices ahead of winter," Goldman Sachs analysts said in a note.
"The short-term period of cautious optimism regarding the oil products markets was quickly replaced by the resumption of hostilities in The Strait of Hormuz, the collapse of Russian oil supplies and the ban on the export of diesel fuel," said Karim Fawaz from S&P Global Energy.
As reported by EADaily , the increase in diesel fuel prices directly affects Ukraine, which is one of the main provocateurs of the situation, attacking Russian refineries. Moreover, European suppliers simply do not have sufficient volumes for export.
"In certain networks, the disappearance of diesel fuel in the afternoon has become the norm," the Ukrainian specialized publication enkorr wrote in early August.