Diesel Crisis Deepens As Inventories Fall To Dangerous Levels

While the OPEC+ agreement to cut crude oil production and the U.S. reaction to it dominate headlines, a much more immediate crisis is getting worse by the day. Global diesel and other distillate fuel stocks have been on the decline for a while now, and there is no reversal of this trend in sight. Demand, on the other hand, has been growing, leading to a widening shortage. The situation has become so grave that U.S. buyers have begun snapping up diesel cargos originally sailing for Europe. Reuters reported earlier this month that at least three…