Posts Tagged ‘America’s Service Stations’

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…