U.S. Diesel Exports Hit Record High as Global Supply Crunch Deepens
US distillate exports surged to a record last week as global supplies tightened. Disruptions across the Gulf area and various surrounding maritime chokepoints, as well as Ukrainian one-way attack drone strikes that have paralyzed portions of Russia's energy infrastructure, have been a major boon for
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz is open on paper but functionally closed — 8 vessels transiting versus the normal 130-140 means refiners are still scrambling for feedstock and export markets are wide open. The U.S. shipped diesel abroad because it could get paid more than at home, which is what happens when you let a supply shock run through global markets without price controls to pretend it didn't.