- Oil and equity futures were down Tuesday morning as investors brace for the largest U.S. rate hike since 2000
- China’s COVID-19 lockdowns persist and have been weighing on crude demand in the world’s largest oil importer
- The European Commission’s plan to ban purchases of Russian oil by the end of the year has helped offset bearish sentiment from China
- The Nymex diesel crack jumped to its highest level on record in data since 1986
- Retail diesel prices rose to $5.321/gal on Sunday, the highest on record, according to AAA data
- Ultra-low sulfur diesel stocks are at their lowest level since 2014 and 25 MMBbl below the five-year average of 125 MMBbl