Refinery Attacks Deepen Global Diesel Supply Crunch

Diesel prices surged earlier this week on news about yet another Ukrainian attack on a Russian refinery and a Houthi attack on a Saudi refining facility. Global fuel supply is already out of balance, and the continued refinery disruption will only aggravate the situation, right before peak demand season. Reuters reported Monday that refining margins in Europe had surged by 10%, and that surge was from an already elevated starting point as refiners around the world see their margins rise to all-time highs on the supply tightening caused by the war…