There aren’t immediate supply-side solutions significant enough to ease the upward pressure on diesel prices as winter approaches and heating oil demand in the Northern Hemisphere jumps, especially in the United States. Global fuel markets are set to remain tight until at least the middle of next year as the second quarter of 2027 will see unusually high planned maintenance that refiners have deferred. The expected drop in refinery utilization in the second quarter of next year would be two and a half times the usual capacity taken offline by spring maintenance globally, and is more than the capacity in the Middle East and Russia that’s currently offline, according to Morgan Stanley’s analysts.The IEA also warned in its monthly Oil Market Report for October that the current crunch in the diesel and gasoil markets is set to extend into the middle of next year.With a week to go to the election, U.S. gasoline prices are 42.3c/gal above 2022’s election day average, which was the priciest Election Day at the pump ever. Diesel is $1/gal above 2022’s $5.33/gal. Both are on track for the highest Election Day prices on record.https://oilprice.com/Energy/Crude-Oil/The-Diesel-Crisis-Is-Here-To-Stay.html
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