U.S. Diesel Reserves Sit Near 23-Year Lows

Source Summary

U.S. diesel reserves have fallen to near 23-year lows amid a confluence of supply pressures. Brent and WTI crude futures remain below $100 a barrel, partly suppressed by government releases of strategic oil reserves. However, downstream refined-products markets face mounting challenges from the Russia-Ukraine war, strikes against energy infrastructure, and disruptions around the Strait of Hormuz. Brent crude was trading around $91 a barrel following a reported vessel attack near Hormuz.