Diesel prices overtake jet fuel in Europe as global shortage widens

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.

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