Topic
refining
Commodities Diesel Prices Above $5.60 as Refining Crisis, Not Crude, Drives Market
On-road diesel prices hit the high $5.60s as crack spreads surged above $100 per barrel, far beyond the normal $15–$25 range, according to a FreightWaves interview with Aaron Decker, CEO of Multi-Service Fuel Card. Decker said the problem is refining capacity, not crude, with Ukrainian drone strikes and record-low distillate inventories tightening supply. He expects diesel to remain above $5 for the foreseeable future.
Commodities Indian refiners widen oil search as Ukrainian attacks hurt Russian crude flows
Indian refiners are cutting Russian crude purchases after Ukrainian attacks disrupted export flows, turning to West Africa, the Americas and the Persian Gulf for replacement barrels. Imports of Russian crude are expected to fall to about 2 million barrels a day this month, down from around 2.8 million in July, according to Kpler.
Commodities Why Global Diesel Prices Are Soaring: War, Hurricanes & Drone Attacks
Wholesale diesel prices have climbed to roughly $180 a barrel, with Gulf Oil's Tom Kloza warning that a US Gulf hurricane could push them past $200. Drone strikes on refineries in Russia, Saudi Arabia and Libya have tightened an already short global refining market, while record US distillate exports and EIA-linked fuel surcharges add to the strain, according to FreightWaves.
Commodities India's fuel exports hit 1-year high in July on strong diesel margins
India's refined fuel exports hit a one-year high of 1.53 million barrels per day in July, 27% above the preceding 12-month average, according to Kpler. Strong diesel margins, Russia's diesel export ban and ample crude supplies during the brief Iran-US truce drove the surge. Reliance Industries accounts for about three-quarters of exports, with Nayara Energy also shipping fuel to Russia.
Commodities Indian Oil ramps up spot crude purchases as Middle East disruptions hit supplies
Indian Oil Corporation raised the spot share of its crude purchases from 50% to nearly 84% after Middle East supply disruptions following the US-Iran war, according to Business-Today. IOC posted a standalone net loss of Rs 2,661 crore for April–June on higher crude costs, even as crude throughput hit a record 19.165 MMT and domestic market share rose to 43.1%.
Commodities As Prices Fall, Crack Spread Signals a Split in Oil Markets Amid Diesel-Crude Divergence
The 3:2:1 crack spread has risen to 70-75% of crude value from 27% at the start of 2026, as crude prices fell 7% in two weeks while diesel prices climbed. The divergence, driven by the Strait of Hormuz reopening and Chinese inventory draws, has left retail diesel price indicators showing significant disparity.
Commodities India's Crude Imports Bounce Back to Pre-Conflict Levels as Refiners Diversify Sources
India's crude oil imports have rebounded to near pre-conflict levels despite Middle East disruptions, as refiners diversified away from Gulf suppliers. HSBC reports that Russian crude, trading at a discount, has become a key alternative. A temporary 'mini-glut' from reopened Hormuz shipping is expected to ease as inventories are rebuilt.
Commodities Indian refiners in no hurry to return to West Asian oil as Hormuz reopens despite ceasefire
Indian state-run refiners have enough crude for two months and are in no rush to resume West Asian purchases despite the Strait of Hormuz reopening after a US-Iran interim peace deal. They are weighing cheaper Russian crude and higher freight costs, with long-term supply commitments yet to be confirmed.