Gas Station Are About To Run Out Of Fuel As Supplies Collapse | Diesel Shortage 2022 #dieselshortage

Gas Stations Are About To Run Out Of Fuel As Supplies Collapse And Prices Hit Stratospheric Levels
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In this video we talked about the data from the Energy Information Administration indicates that distillate supply in the northeast is tight as refineries operate at nearly 100% capacity to satisfy local and international demand. The price of M3 conventional gasoline in New York Harbor increased 19 cents, trading 50 cents above futures.

On the NYMEX, Gulf Coast 62-grade ULSD traded 3 cents per gallon below ultra-low sulfur diesel futures.

Ultra-low sulfur diesel in Chicago increased by 5 cents and now costs 10 cents more per gallon than diesel futures.

In other parts of the Midwest, Group 3 diesel increased by 9.75 cents and traded 1.48 cents above the benchmark.

On Tuesday, the NYMEX RBOB futures contract gained 6.88 cents to settle at $2.5945 per gallon.

The price of NYMEX ultra-low sulfur diesel futures on Tuesday decreased by 5.3 cents to settle at $3.6211 per gallon.

Americans who own a diesel car are shelling out more at the pump and would have to pay more this winter as the world’s largest economy is facing one of the biggest challenges of recent times, a diesel crisis due to a rising supply deficit. With only a week until the United States’ midterm elections, prices are probably going to rise until anything changes. High fuel costs, particularly those of diesel and gasoline, are affecting the American economy and fueling voter resentment against the Biden administration. As winter approaches, the situation is going to get worse as the fuel is also used to heat homes.

Not only the U.S, but Europe too is struggling to make enough diesel. The continent’s diesel market has come under stress ever since Russia invaded Ukraine and threw into jeopardy Europe’s biggest source of external supply. The 27-nation EU will ban Russian gasoline starting in February 2023. In the US, distillate inventories, which include diesel and heating oil, are at their lowest point since at least 1993. News agency Bloomberg quoting Wood Mackenzie Ltd., a consultant, said the price of diesel is likely to keep rising relative to gasoline through year-end.

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