Refined Product Shortage Deepens as Refineries Come Under Attack

Russian refinery outages, Ukraine-linked strikes, Russia’s diesel-export halt, weaker Chinese exports, Middle East damage, and low US inventories are keeping diesel and gasoline exceptionally tight even as crude prices retreat. The US diesel crack has reportedly exceeded $100 versus a normal $15–30 range; harvest demand, longer routes, elevated freight and insurance costs, and a recent US gasoline inventory decline raise the risk of persistent downstream inflation and demand destruction.