Satan Soldiers Plandemic: Diesel Is a World Wide Problem, Not Just a European One. Warning: America’s Service Stations Will Run Out of Fuel Very Soon, You Can Think Google, FakeBook For All the Misinformation

HNewsWire-We cited the CEOs of several of the world's largest independent energy traders earlier this week, who appeared at the FT Commodities Global Summit in Lausanne, Switzerland, and revealed a bleak outlook for the diesel market: "The main source of worry for everyone will be fuel availability. "Europe buys around half of its diesel from Russia and roughly half from the Middle East," said Russell Hardy, CEO of the Swiss oil trader Vitol. "There is a systematic diesel shortage."

As a reminder, Russian supplies account for around 15% of Europe's diesel use, according to the Financial Times, which published their views.

According to Hardy, the transition to higher diesel usage over gasoline in Europe has contributed to fuel shortages. He also said that in reaction to increasing prices, refineries may increase diesel production at the cost of other oil-derived goods to shore up supply, but he cautioned that rationing was a possibility.

Meanwhile, Torbjorn Tornqvist, co-founder and chair of the Geneva-based Gunvor Group, said that "Europe is running low on diesel," but added that "Diesel is a worldwide issue, not just a European one. It really is."

Tornqvist also cautioned that European gas markets were no longer working correctly, owing to traders' need for cash to cover hedging positions from banks. "I believe it's broken." "It really is," he said. "I never imagined that someone would remark, 'Oh, gas has dropped to 100 per megawatt hour, it's extremely inexpensive.'"

Finally, Trafigura CEO Jeremy Weir, who has lately received billions in margin calls and has warned that commodities trading companies risk exploding in the absence of a central bank rescue, struck the final nail in the coffin by warning that "The diesel market is very competitive. It's going to grow tighter, which will almost certainly lead to stock outs," referring to when gas stations run out of gasoline.

Since then, the European Diesel market has practically frozen, as seen by the figure below, which depicts the extremely ridiculous backwardation in European diesel (2M-3M gasoil price differential).

... and the shortfall eventually spilled over - to use a loose phrase - on the street on Thursday, when Austria's energy major OMV declared it was "limited spot sales of heating oil and diesel until further notice," according to Bloomberg.

The firm noted in an email that the action was made to guarantee that it could satisfy contractual supply requirements, adding that "The spot business has been restricted as a precaution until further notice." The company did not specify where the limits are in effect, but it is safe to assume that they will soon affect all of Austria, which is extremely reliant on Russian oil; for example, earlier on Thursday, Austrian Chancellor Karl Nehammer stated that talk of an immediate boycott of Russian energy is both "unrealistic and wrong," adding that "it doesn't work." Austria imports 80 percent of its gas "Russian Federation."

The quest for alternatives to Russian fuel in Europe has turned New York from a traditional import location to an exporter, emphasizing how terrible the European diesel situation will eventually become. According to Bloomberg, New York is shipping two diesel cargoes to Europe, which depends on Russia for approximately a third of its diesel requirements, despite regional supplies being at multiyear lows and prices hovering around record highs.

The reversal exemplifies how Russia's invasion of Ukraine is unsettling gasoline markets throughout the world, despite the fact that the United States is comparatively less susceptible to Russian supplies. High gas prices in the United States have become a problem for President Joe Biden, and the strain on truckers and farmers is escalating.

According to Vortexa, Kpler, and shipping data collated by Bloomberg, two tankers, the Falcon Nostos and the Energy Centaur, are transporting more than 700,000 barrels of diesel from New York to Europe. This is a reversal of current trade trends, which have seen cold-gripped New York Harbor import at least 4.5 million barrels of diesel from Europe and Russia since the beginning of the year for power generating and house heating.

Diesel exports from the Gulf Coast to Europe are also increasing, with around 103,000 barrels per day travelling to the continent so far this month, up from 19,000 in February, according to Kpler. This trading channel is more popular, however it has declined in recent years, with Latin America consuming a large portion of the United States' export diesel market.

However, the flow of clean goods from the United States would "redirect toward Europe if European consumers are less ready to pull out of Russia," according to Reid I'anson, senior commodities economist at Kpler.

"Gas Stations Will Run Dry:" Satan Soldier a.k.a. New World Order Pukes Have Intentionally Destroyed the Economy According to the world's largest energy traders, a catastrophic scenario for diesel is emerging.

While the world has been focused on crude oil and gasoline in recent weeks, we have been warning readers about a far more serious crisis brewing in diesel, a source of energy that is critical to keeping the "just in time" world running smoothly.

As a refresher, here are some of the pieces we've published in recent weeks on the issue, many of which were written before to the Ukraine war:

The US Economy's Inflationary Driver Is Diesel 8th of February - Canary

The United States' diesel supplies are on the brink of collapse - Feb 18

China Requests Stoppage of Gasoline and Diesel Exports from State-Owned Refiners - Mar 10

The global diesel shortage raises the prospect of higher oil prices. Spike's birthday is March 12th.

Today, the presidents of one of the world's top commodities trading businesses and the biggest independent oil trader talked at the FT Commodities Global Summit in Lausanne, Switzerland.

According to the corporate leaders, up to 3 million barrels of oil and its products could be lost from Russia as a result of sanctions, which is consistent with previous estimates. They also warned that global markets are facing a diesel squeeze, with Europe most at risk of a "systemic" shortage that could lead to fuel rationing.

"The biggest difficulty for everyone will be the availability of gasoline." "Europe gets nearly half of its diesel from Russia and the other half from the Middle East," said Russell Hardy, CEO of Swiss oil trader Vitol. "There is a chronic lack of diesel."

According to the Financial Times, which reported on their comments, these imports indicate that Russian supplies account for around 15% of Europe's diesel consumption.

According to Hardy, the shift in Europe toward greater use of diesel over gasoline has led to fuel shortages. He also said that, in response to rising costs, refineries may expand diesel output at the expense of other oil-derived items in order to maintain supply, although he warned that rationing was a possibility.

"Diesel is not just a European problem; it is a global one," said Torbjorn Tornqvist, co-founder and head of Geneva-based Gunvor Group. It really is."

Tornqvist also warned that European gas markets were no longer functioning properly, due to traders' demand for cash to fund bank hedging contracts. "I think it's broken." "It really is," he said. "I never envisioned someone saying, 'Oh, gas has plummeted to 100 per megawatt hour, it's incredibly cheap.'"

Gas futures linked to TTF, Europe's wholesale gas price, have varied from about €70 per megawatt hour before to Russia's invasion of Ukraine to more over €230 two weeks ago, before dipping below €100 this week. Prior to May 2021, European gas costs per megawatt hour were less than €20.

As previously reported, Europe's leading energy dealers have urged governments and central banks to provide emergency liquidity to keep gas and electricity markets operational, as big price swings triggered by the Ukraine crisis have put pressure on commodity markets. According to Hardy, in order to convey a cargo equivalent to one megawatt hour of liquefied natural gas priced at €97, dealers must provide €80 in cash, placing financial strain on their requirements.

Worse, implying that Europe is in for an even colder winter, Tornqvist stated that European utilities will struggle to fill gas storage for next winter due to the "paralyzed" status of the spot market for gas unless authorities step in to provide assurances to protect consumers from price volatility.

Returning to diesel, Bloomberg's Javier Blas tweeted some of the worst quotes from today's FT commodities summit:

"The diesel market is really tight," Jeremy Weir, CEO of Trafigura, said. It will become more constrained, very definitely resulting in stock outs "relating to the situation in which gas stations run out of fuel.

"Europe is running out of diesel," warns Gunvor's CEO.

"The thing that everyone will be concerned about is gasoline availability," says Vitol CEO.

Without diesel, not only would European traffic grind to a halt, but most, if not all, truck-based logistical support and supply chains in the United States would be rendered unworkable. As a consequence, the world economy will suffer.