🇺🇸 US diesel crack spread breaks $100 for the first time
Up over 140% this year to a record $102.20, highlighting just how expensive diesel has become relative to crude.
Houthi attacks on Saudi Arabian refineries have pushed prices higher. Strikes on Russian refineries by Ukraine and supply disruptions in the Gulf region have tightened diesel supplies.
US inventories have fallen to 107 million barrels, the lowest seasonal level since 1996.
This is driving up food prices. Trucks transport over 80% of US agricultural products, including dairy, fruits, vegetables, and nuts, increasing distribution costs.
Food inflation has risen 3% this year.
With inventories falling and prices rising, global efforts to control inflation will become more difficult despite rate hikes.
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