Diesel Crack Spread Tops $98 a Barrel to Hit Record High
Summary
- The diesel crack spread rose above $98 a barrel, setting a record high.
- The diesel crack spread topped $98 a barrel after news of a Houthi attack on an Aramco refinery.
- Geopolitical tensions in the Middle East and concerns over refined fuel supply disruptions appear to have been reflected in diesel prices.
Forecast Trend Report by Period
The diesel crack spread climbed above $98 a barrel, reaching a record high.
Walter Bloomberg reported on August 13 that the diesel crack spread breached $98 a barrel after news emerged that Yemen’s Houthi rebels had attacked a refining facility operated by Saudi Aramco, the kingdom’s state oil company.
The Houthis recently claimed a drone strike on Aramco’s Jazan refinery in southwestern Saudi Arabia. The refinery can process about 400,000 barrels of crude a day. Saudi Arabia’s Energy Ministry said a fire broke out at the facility but was extinguished, with no casualties reported. The ministry did not disclose the cause of the fire.
The move suggests persistent geopolitical tensions in the Middle East are feeding into diesel prices through concerns over disruptions to refined fuel supplies.
JH Kim
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