21 Sep 2023

Oil, diesel crack sread soar after Russia bans diesel, gasoline exports

With Diesel prices already soaring, recently sending the diesel crack to 2023 highs and assuring that refiners have another blowout quarter, Russia just handed a gift to the Exxons of the world when it "temporarily banned" exports of the diesel in a bid to stabilize domestic supplies, adding pressure on already tight global fuel markets. “Temporary restrictions will help saturate the fuel market, that in turn will reduce prices for consumers” in Russia, the government’s press office said on its website. The "temporary" ban, which also applies to gasoline, comes into force today, Sept. 21, and doesn’t have the final date, according to the government decree, signed by Prime Minister Mikhail Mishustin. Source: www.zerohedge.com, Bloomberg

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