Rory Johnston: Diesel crack spreads match crude price level as surge continues

Rory Johnston: Diesel crack spreads match crude price level as surge continues
Diesel crack spreads reach crude level

Rory Johnston highlights that while crude oil prices remain elevated, the increase in diesel prices is being significantly driven by record-high sustained diesel crack spreads.

According to Johnston, the current diesel crack—the difference between U.S. diesel and Brent—is now as high as the flat price of crude.

Earlier this month, Johnston noted that the U.S. diesel crack spread versus Brent was nearing $100 per barrel and approaching an all-time daily high, as reported in previous coverage. He has also commented on reports of the U.S. moving closer to a significant deal for Venezuelan oil fields, according to a separate article. Both developments add context to current movements in refined product markets.

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