Diesel prices move higher with inventories low in U.S., Europe Oil rocketed to a fresh seven-year high above $92 a barrel, and almost every indicator is pointing to the rally extending. The market’s structure is trading at its strongest level in years, indicating scarce supply. Diesel — the fuel that helps power the global economy — is also surging as a cold snap hits the U.S. and demand soars. Inventories at key storage hubs are waning, and vital price gauges indicate an expectation the tightness will persist. Traders increasingly suspect demand is being underestimated as economies emerge from Covid-19. Saudi Arabia’s state oil company said late last month that consumption will soon return to pre-pandemic levels, though International Energy Agency data show it about 1 million barrels a day lower in the first quarter than during the same period in 2019. The outlook for a tight oil market is […]