- Oil prices turned lower Wednesday morning after reaching prices not seen since 2008
- The U.S. unveiled legislation early Wednesday barring U.S. imports of Russian oil
- Goldman estimates Russian oil disruptions to be among the largest in history (Bloomberg)
- Diesel spreads and cracks in the U.S. and Europe have surged
- The Nymex heating oil crack rose $18.50 to $65.32/Bbl on Tuesday; the strongest close since at least 1986
- There are signs that fuel makers in Europe have to limit supplies
- At one point on Tuesday, buyers were willing to pay as much as $185 a ton more for the fuel this month rather than waiting until April
- That’s the largest premium of its kind in data going back to 2008 (BBG)
- “We are looking at how we can save this diesel problem,” IEA Executive Director Fatih Birol said in a Bloomberg TV interview