Russia's Strategic Diesel Ban Sends European Prices Soaring

Russia has successfully moved its wholesale gasoline prices down with the implementation of its diesel export ban. Russia moved to ban the exportation of diesel starting in October, which was to include all loadings from its Black and Baltic Sea ports. The ban was part of a government effort to stabilize domestic fuel prices. Russia’s ban on diesel exports was expected to further tighten an already tight global distillate market ahead of winter—a time when demand is expected to rise. Europe’s diesel prices rose after the ban was…