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LONDON, Aug 11 (Reuters) – Prices for diesel and other distillate fuel oils have surged as expectations for a soft landing and an improving economic outlook in the United States threaten to deplete already low inventories even further.
Futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31.
Prices for diesel and other distillate fuel oils have been rising much faster than for crude petroleum, widening margins for refiners.
Chartbook:Â U.S. diesel inventories and prices
The crack spread for making diesel from U.S. crude, with both delivered in September 2023, has doubled to $50 per barrel from $25 at the end of April.
The crack for making diesel from U.S. crude, with both delivered in December 2023, has climbed to $43 per barrel from $27 at the end of April.
Diesel prices are rising as traders anticipate that shortages will quickly re-emerge if the economy avoids falling into a recession later in 2023.
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