Diesel refining margins in both Europe and the United States have hit all-time highs as strikes at French refineries exacerbate a global shortage of distillate fuels. The price of diesel, heating oil and other refined products was already elevated after Russia’s invasion of Ukraine and with overall capacity to produce fuel reduced by the closure of numerous refiners in the last two years. The French strikes over workers’ pay have taken up to 60% of the country’s refining capacity – which yields up to 50% diesel – offline, disrupting supplies at almost a third of petrol stations and forcing the government to tap strategic reserves . Benchmark European diesel refining margins and U.S. distillate margins hit a […]