With a European ban on Russian crude and fuels looming, diesel markets are set to tighten even further despite weak economic growth. Distillate fuel inventories in the U.S. just witnessed the biggest drawdown for this time of year in at least 32 years. As we enter heating season in Europe, which is still struggling with a natural gas shortage, demand for distillates will only climb. Despite signs of weakening economic growth globally, regional diesel markets are tight and could tighten even further when winter comes and when Europe bans imports of Russian crude and fuels. Distillate fuel inventories are low in the United States and Europe. Stockpiles in the U.S. haven’t increased this summer as usual, and in one month since the end of June, they have seen the biggest drawdown for this time of the year in at least 32 years. The fuel market in Europe is even […]