Global oil markets are adjusting to relatively strong demand for diesel and jet fuel compared to gasoline, coupled with the introduction of new bunker fuel regulations at the start of 2020. Rising diesel and jet fuel prices, at least relative to crude and gasoline, are forcing adjustments that should lessen the chance of a severe shortage at the end of next year. Futures prices for ultra-low-sulphur diesel delivered at New York Harbour have moved to a premium of more than $21 per barrel over futures prices for gasoline delivered at the same location. The diesel premium has doubled since the end of September. It is trading at the highest level since 2011 and before that 2008, both of which were years when diesel consumption was growing much faster than gasoline. Refiners have a strong incentive to maximize the production of diesel and jet fuel while minimizing output of gasoline, and many are adjusting production plans in response.
Source:Arrow
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