"US diesel futures fall after report of export ban plan, which the White House denies"

From Reuters, September 23:

• White House official calls report of flat temporary export ban incorrect
• Wright says any plan to boost diesel supply would be voluntary
• October ultra-low-sulfur diesel futures trade down ​4.01% at $4.7437 gallon 

US ultra-low-sulfur diesel futures fell 4% on Wednesday after Politico ‌reported that the White House is preparing a plan to ban diesel exports for 90 days, which the Trump Administration denied.

 

Average US diesel prices are sitting near record highs at $6.52 a gallon, according to AAA, straining the farming, transportation and other industrial ​sectors that rely on the fuel. Wars in Iran and Ukraine have sharply cut exports ​from some of the biggest producers such as Russia, Saudi Arabia and the United ⁠Arab Emirates.

 

A White House official said a report the US is considering a flat, temporary export ban ​was not correct.

 

The October futures contract was last trading at $4.7437 a gallon, down 4%, after earlier declining more ​than 6%.

 

Trump said on Tuesday he backed a ban on diesel exports, as Republican candidates in some of the tightest election races in November called for the measure as a way to curb record fuel prices. Diesel's surge has come as US diesel ​inventories have dropped to less than 97 million barrels, or about 13% less than the seasonal average ​over the last five years.

 

However, US Energy Secretary Chris Wright said on Wednesday that a US ban on diesel exports would ‌not ⁠work and could push up gasoline and jet fuel prices....

....MUCH MORE 

 

Here's the Politico story: 

‘Dammit, something has to happen’: White House preparing plan for 90-day diesel exports ban

Earlier today:

Inflation: "$6.53 Diesel US Average, $8.25 in California, Worsens Already Hot Inflation, amid Record US Diesel Exports. Gasoline & Jet Fuel Prices also Spike"

And September 21:

Inflation: "Global Refinery Crunch Pushes Diesel Prices to New Records"

And September 18:

"Goldman Warns Diesel Crisis Is Setting Up The Next Gasoline Squeeze..."

And September 11:

"Diesel Crunch Set To Worsen As Refining Capacity Falls Short, Industry Warns"

Or:

July 12 - The World Runs On Diesel and Diesel Is Running out

With Russian shipping and refining capacity getting whacked we're seeing crack spreads greater than the price of crude itself.

July 15 - "JPMorgan shifts focus from Hormuz oil chokepoint to Russian refining crisis"

It's a pretty important story.