News Agent – Europe is preparing for a difficult winter with low levels of diesel in storage warehouses and fears of the significant repercussions that will result from the entry into force of European Union sanctions on supplies of Russian crude oil and refined products, especially on industries and drivers.
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Diesel, along with other distilled fuels such as heating oil and gas oil, is the lifeblood of industries, from powering power plants to heating homes, in addition to being used as motor fuel.
The diesel market was shocked by the price hike on the grounds of a possible disruption to Russia’s supply.
The 6-month difference in European diesel futures rose to a record low of about $600 per ton. (economic)
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