Europe is managing a projected fourth-quarter jet fuel deficit of 510,000 barrels a day, increasing South Korean shipments to 129,000 barrels a day. Logistics costs have also spiked, with supertanker transits through the Strait of Hormuz now costing $1 million a day. These shipping delays, caused by damaged pipelines in Saudi Arabia and security threats in the Red Sea, add up to $26 per barrel in freight expenses.
Tuesday, October 20, 2026
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US Diesel Hits Record $6.50 a Gallon For First Time On Global Refining Crunch
Commodities30 days ago
Retail stations nationwide are reporting diesel prices that have jumped more than 80 cents in September alone. The national average topped $6.50 per gallon for the first time, reflecting a broader trend where low-sulphur gasoil trades at over $200 per barrel equivalent while Brent crude sits around $110. This decoupling indicates that the current price spike is driven by refining bottlenecks rather than the cost of crude oil.
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