Europe’s ban on Russia’s diesel arrived painlessly on Sunday. Although the EU cut off its biggest supplier, diesel futures prices in the bloc fell 1.6% on Monday, amounting to a 20% loss over the past two weeks as demand in the region has waned, and efforts by countries to stockpile ahead of the ban have started to pay off. About 96% of trucks, 91% of vans and 42% of passenger cars in the European Union run on the fuel, according to the European Automobile Manufacturers’ Association.
At the pump, the average cost of a liter of diesel in the EU hit €1.80 on January 30, up from €1.60 the same time last year, data from the European Commission shows. Neil Crosby, a senior analyst at OilX, told CNN that “persistently weak demand data” in Europe had helped it “substantially boost its gasoil stocks over the last few months.