The global diesel market looks set to get even tighter. The global diesel market looks set to get even tighter as power generators and industrial users seek relief from surging natural gas prices. Consumers are seeking alternatives to gas after prices rallied to unprecedented levels as Europe shuns Russian barrels. It’s also happening as global diesel stockpiles remain unusually low at a time inventories are typically expanding in preparation for a boost in consumption over winter. The International Energy Agency this month raised its forecast for global oil demand growth on expectations for more fuel-switching from gas, which it said will be concentrated in Europe and the Middle East. US exports of crude and products rose to a record last week, with diesel leading the surge. The rush for the fuel is a boon for refiners, but will also add more inflationary pressure to the global economy. The drought […]