Diesel Blow-Out
Diesel going bonkers
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$4.50 per gallon. No, that's not the price of diesel, thats the diesel crack spread this week which has exploded to all-time highs.
High demand, combined with low US and global diesel inventories are driving the push higher, perhaps helped with off-sides trading positions.
Consumers are paying nearly $190/barrel equivalent for diesel when combining the price of oil and the diesel crack spread, also an all-time high.
Diesel drives much of global economic transport, adding another woe to the inflation picture.
High demand, combined with low US and global diesel inventories are driving the push higher, perhaps helped with off-sides trading positions.
Consumers are paying nearly $190/barrel equivalent for diesel when combining the price of oil and the diesel crack spread, also an all-time high.
Diesel drives much of global economic transport, adding another woe to the inflation picture.
$4.50 per gallon crack spreads works out to roughly $86 per barrel.
The implied 'all-in' price of wholesale diesel is at an all-time high, near $190 per barrel.
