The northern hemisphere summer is the period when demand for transport fuels picks up, especially in the US when the “driving season” kicks off on the Labor Day weekend. While this seasonal trend is historically when gasoline demand in particular peaks, it is diesel and gasoil that have pushed product prices higher this year.
The diesel crude crack spread in Europe rose to nearly $30/B in Europe in July, up 66% year-on-year and its highest level since February 2024 (see chart 1). This has been matched by similar increases in the Asia Pacific region and in North America amid a tight global market. There are signs that spreads are falling back slightly, but geopolitical developments could push them higher still. (CONTINUED – 922 WORDS)
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