Europe’s diesel market is plunging — from unthinkable highs to levels that would have been incredible at almost any other time in history. About a month ago, a barrel of the fuel was trading at almost $60 above the international oil price benchmark Brent in futures markets. Now it’s only around $35 higher, though that’s still close to triple the five-year seasonal average. Vast premiums that traders had been paying for more immediate diesel futures following Russia’s invasion of Ukraine have dropped too, albeit to still very high levels. The fate of diesel matters because the fuel powers swaths of the continent’s economy, including trucks and ships. Prices soared in the initial aftermath of Russia’s invasion of Ukraine, fanning inflation and a cost-of-living crisis for many. “The market is worried about lower demand caused by a recession,” said Steve Sawyer, director of refining at Facts Global Energy. Still, there’s […]