Europe's diesel prices race ahead of US on export-ban risks

Alex Longley, Mitchell Ferman & Jan Bratanic / Bloomberg09-24 14:06

Diesel prices outside the US surged relative to American rates as the possibility of the Trump administration introducing an export ban rattled the market. (Sept 24): Diesel prices outside the US ...

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The daily swing was the biggest since 2022, when Russia's invasion of Ukraine sparked fears of shortages. It reversed partially on Thursday.\nThere's still significant uncertainty about whether the US will bring in an export ban, but Energy Secretary Chris Wright told oil industry leaders to brace for possible curbs as retail prices surge domestically. President Donald Trump said he'd encouraged administration officials to consider restrictions. The European Union expressed concern about the prospect of a ban.\nAny curbs would pile pressure on a global market that's been beset by huge disruption already. Reduced flows from the Iran war, attacks by Yemen's Houthi militants on Saudi refineries, and Ukrainian drone strikes on Russian plants have all cut the amount of fuel available significantly. \nFast-rising diesel prices are also becoming a hot topic for the world's central bankers as they try to quell inflation. \n\n\"To have the largest free economy in the world talking about banning exports is just unprecedented,\" David Bird, chief executive officer of Dangote Petroleum Refinery and Petrochemicals said in an interview in London. \"Refining margins are elevated but we hope this doesn't last too long. It's not good for anyone.\"\nThe European Commission said on Thursday that it doesn't currently see a shortage of diesel in the region, despite the high prices. An oil monitoring group within the bloc will meet next week to take stock of the situation, it added. Earlier this week, French President Emmanuel Macron called for the EU to relax some fuel quality rules in order to boost the amount of supply that's available on the market. \nThe International Energy Agency (IEA) said this month that Europe still has significant emergency fuel reserves that it could release if necessary, another way in which it could act to put a lid on prices. About half of the refined fuel made available for release by the IEA's member countries earlier this year was diesel.\nIn a sign of the issues facing some countries, Serbia's government said on Thursday that it would release the equivalent of about 37,000 barrels of diesel from its emergency reserves. The country's energy minister said it was to shield consumers from the global energy crisis, with demand set to be high next month.\nIf the US did move to ban exports, the focus would turn to where else in the world supply can be found. Shipments out of the Persian Gulf have also risen in recent weeks, traders said, though the pace of additional supplies would depend on refinery restarts. \nChina last month exported the most middle distillates, a type of fuel that includes diesel and jet fuel, in a year, according to Kpler data. The world's largest crude importer has significant export capacity but those volumes can be limited by government quotas. \n\"Beyond price impacts, restricting exports would be a gift to our competitors,\" a group of 30 US industry bodies, including American Fuel & Petrochemical Manufacturers, said in a letter to the White House on Wednesday. \"If we pull back, other countries will step in, our influence will shrink, and our adversaries will gain ground.\" \nUploaded by Evelyn Chan","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2670414587","isCrawlerRequest":true}