US Diesel Exports Surge to Record as World Grasps for Supply

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Or sign-in if you have an account.fd}]oc9}vlevmfw2[r8j2zu)_media_dl_1.png US Department of Energy(Bloomberg) — The US shipped a record amount of distillate fuel overseas last week as domestic stockpiles fell again, the latest sign that the global scramble for diesel is increasingly draining US supplies.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountExports of distillate fuel, a category that predominantly includes diesel as well as heating oil and other products, rose to 1.9 million barrels a day last week, according to data released Wednesday by the US Energy Information Administration. That’s the largest number on record, eclipsing the earlier high-water mark set in May.Global diesel markets were thrown into chaos at the start of the US-Iran war, with cargoes of crude and refined products made from oil — such as jet fuel and diesel — unable to pass through the Strait of Hormuz. The strain has only grown after months of Ukrainian attacks on Russian refineries, limiting fuel production capacity and eventually prompting Moscow to impose a ban on most diesel exports. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThat’s left the US as one of the world’s few producers of diesel with ample capacity to produce fuel and ship it abroad. Exports in the last two weeks have most frequently gone to northwestern Europe, according to data from energy analytics company Vortexa Ltd. Europe is the “epicenter” of the global diesel crunch given its exposure to refinery outages in the Middle East and Russia. Earlier in July, shipments were most often pointing to the Caribbean, as well as South America, with importers stocking up ahead of the September planting season.The new record capped off five weeks in a row with exports over 1.5 million barrels a day, drawing down the country’s fuel supplies even as refiners go all-out to produce diesel. Seasonally, distillate fuel stockpiles stood at the lowest since 1996 as of last week — raising questions about a market crunch as the fall approaches, when homes in the Northeast US and around the world begin using heating oil to warm their homes.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.