US Diesel Crack Hits Record High Above $100 a Barrel
2 sources across 2 countries · Hong Kong · United Kingdom
Who reported this
- South China Morning Post
- Reuters
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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The US diesel crack, which measures refining profitability by the premium of US diesel futures over US West Texas Intermediate crude oil futures, surpassed $100 a barrel for the first time. It reached an all-time high of $102.20 a barrel on Monday. This surge is attributed to supply disruptions caused by wars in Iran and Ukraine, coinciding with peak agricultural consumption season.
Recent data shows the crack hit new intraday record highs in five of the last six sessions. According to the International Energy Agency, global refinery crude throughput averaged 80.9 million barrels per day in July, a decrease of approximately 5 million barrels per day compared to the previous year.
The immediate impact of these rising costs is felt by farmers using fuel for tractors and harvesters. Long term effects may extend to manufacturing, heavy transport, and power generation. Additional pressure on supplies stems from attacks on Middle Eastern refineries and US threats regarding Chinese imports of Iranian oil.
How each side framed it
- Centre
- The center outlet focused on the primary fact of the price increase and the general cause of supply disruptions.
- Centre-right
- The center-right outlet provided detailed economic data and emphasized the specific geopolitical tensions and sectoral impacts resulting from the price spike.
Sources
100% of the statements in this article were traced back to the source articles listed above.