LONDON: Diesel cargoes are costing more than jet fuel in Europe for the first time in more than a year, LSEG data showed, as the continent replaces lower Middle East air fuel shipments with other sources of supply, but struggles to secure more diesel for industry and agriculture.
Europe has been able to pull in jet cargoes from the US and other countries like Nigeria as prices surged after the start of the Iran war, which disrupted crude and fuel supply. Global diesel supply tightened even further when Russia banned exports amid Ukrainian attacks on its refineries.
“We see a higher risk of persistent scarcity pricing in diesel than in crude heading into winter,” analysts at Goldman Sachs said in a note.
JET FUEL IMPORTS RISING AS DIESEL SUPPLY WILTS
Europe boosted imports of jet fuel to 750,000 barrels per day in June — the highest since October 2025 — and a similar rate in July from 612,000 bpd in January, according to Kpler.
