All over the world, prices for the fuel are sky-high relative to the crude oil from which it is made, pointing to a scarcity that should alarm inflation-obsessed governments everywhere. And within just a few months, the Northern Hemisphere will enter winter, pushing up demand for heating.
A switch to less dense crude — a function of cuts by Saudi Arabia, Russia and others — has led to OECD Europe’s yields of diesel-type fuel being more than 1.6% lower in July compared with the historic average, she said. In the US, retail diesel prices have risen consistently since late July, so much so that it contributed more to inflation than gasoline in August. American refiners haven’t been able to build up inventories this summer, the typical period for supply growth in between crop seasons and ahead of winter heating. That’s because market conditions have made stockpiling a losing venture, similar to last year.
Hedge funds are lifting their bullish bets, with net-long positions on Nymex diesel jumping to an 18-month high in August.
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