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02.04.26 - 16:57
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"Everything About This Market Is Wild": European Diesel Futs Top $200 As Global Scramble Accelerates (ZeroHedge)
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"Everything About This Market Is Wild": European Diesel Futs Top $200 As Global Scramble Accelerates
The global tug-of-war for fuel looks set to accelerate, with traders scrambling to secure supplies even more aggressively after President Trump showed no signs of an end to hostilities (and a reopening of the Strait) any time soon.
The longer the Strait of Hormuz remains closed, the more intense the competition is likely to become. Traders have warned that Europe is at risk of diesel shortages in the coming weeks.
“Everything about this market is wild,” said Philip Jones-Lux, a senior oil analyst at energy analytics firm Sparta Commodities.
“Europe is still short of diesel, but the situation in Asia is so much more acute that prices there are pulling barrels halfway around the world.”.
Nevertheless, Europe's diesel futures rose to the highest level since 2022, as the Iran war hits supply of the fuel that powers the global economy.
As Bloomberg reports, futures traded as h...
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