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U.S. Exports More Diesel as Global Shortage Fuels Competition

  • Europe is scrambling for diesel as supply fears mount
  • Latin American buyers are paying up to stay competitive
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Diesel Price Spike at 'Biblical Proportions,' Says Blas

The U.S. is exporting more diesel than it has in years as buyers in Europe and Latin America vie to secure supplies that have tightened since Russia’s invasion of Ukraine. 

Waterborne diesel exports out of the U.S. Gulf Coast have climbed to 1.04 million barrels per day so far this month, on track to hit the highest level since August 2019, according to estimates from oil-analytics firm Vortexa. Volumes to Europe have seen the biggest jump in the period to 84,700 barrels per day, on course for an eight-month high.