Oil Traders Race Against Time to Solve Global Diesel Crunch

The oil market is pulling all the levers it can to ease a global diesel crunch, but the window is narrowing to replenish stockpiles of the world’s workhorse fuel before hurricanes and refinery maintenance curtail output.

From the US Gulf Coast to Rotterdam and Singapore, storage tanks have only recently started rising from dramatically low levels, and traders say it’s going to be a tight race to refill them. With price spikes during the Israel-Iran conflict fresh in the memory, most say it’s hard to see a major easing, echoing warnings from Goldman Sachs Group Inc. and energy giant TotalEnergies SE.