HomeIndustriesDiesel Prices Surge Amid Global Shortage

Diesel Prices Surge Amid Global Shortage

Diesel prices have surged above $140 in the U.S. as global oil refiners struggle to produce enough diesel to meet global demand. In Europe, diesel has surged by 60% over the course of the summer, and Saudi Arabia and Russia’s decision to extend their output cuts threatens to further impact this shortage.

“We’re at risk of seeing continued tightness in the market, especially for distillates, coming into the winter months,” Toril Bosoni, head of the oil market division at the International Energy Agency confirmed, admitting that “refineries are struggling to keep up.”

A hotter-than-expected summer in the Northern Hemisphere forced plants to run at a slower pace than usual, thereby also curbing diesel output. Callum Bruce, an analyst at Goldman Sachs Group Inc., confirmed that pressures to produce jet fuel and gasoline have also distracted refiners from their diesel production.

WEBTOON Entertainment Announces $315 Million IPO Offering in the U.S.

WEBTOON Entertainment, a worldwide platform that hosts comics and cartoons, is gearing up for an Initial Public Offering (IPO) in the United States. According...

Dollar Remains Strong, Euro Weakens on Political Uncertainty

The dollar continued to hold its footing this weak, holding a strong position compared to other currencies. This is especially the case with the...

Goldman Sachs Lifts Prediction for S&P 500 in 2024 to 5,600

Investment bank Goldman Sachs is raising its expectations for the S&P 500 index in 2024. According to a note sent to their clients last...