What Russia’s Fuel Export Ban Means For The Markets

Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter.  And its relaxation of the ban on low-grade diesel won’t stave off much tightness. Most analysts believe the ban will not last long as it would lead to stock builds in Russia, which lacks spare storage capacity. But many observers also believe that Russia is weaponizing energy…