Concerns, KeystoneXL Pipeline Couldve Weakened OPEC's Bargaining Position, Guyanas Offshore Drilling Bonanza Is Just Getting Started. Get top headlines from the Union-Tribune in your inbox weekday mornings, including top news, local, sports, business, entertainment and opinion. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets. As a result, American refiners are enjoying the best-ever diesel margins, with the profit of turning a barrel of crude into one of diesel - i.e., the diesel crack spread - hitting a record high of $86.5 per barrel, up roughly 450% from the 2000-2020 average of $15.7 per barrel. "UPS, for example, may be the single largest rail customer," the report stated. 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Domestic trucking rates would surge as capacity disappears. Several major industries including the Fertilizer Institute and Retail Industry Leaders Association have sent letters to Congress urging intervention. As a result, American refiners are enjoying the best-ever diesel margins, with the profit of turning a barrel of crude into one of diesel - i.e., the diesel crack spread -. According to the AAR report, the industries heavily relying on rail to move their products include e-commerce, agriculture, chemical, automotive, construction, and coal. Get the latest science news and technology news, read tech reviews and more at ABC News. But diesel accounts for only 30% of the output of Chinas refineries - the rest is gasoline (26%), naphtha (9%), fuel oil (9%), petroleum gases (9%), asphalt (7%), coke (5%) and kerosene (5%). The global petroleum and refining system has proved unable to keep up with rapid growth in fuel consumption as a result of the manufacturing and freight-led recovery after the coronavirus pandemic. Distillate inventories were a massive 26 million barrels (-20% or -1.94 standard deviations) below the seasonal average for the previous ten years (Weekly petroleum status report, EIA, Oct. 26). The historic diesel crunch comes just weeks ahead of the midterm elections and will almost certainly drive up prices for consumers who already view inflation and the economy as a top voting issue. According to the EIA, the US now has just 25 days of diesel supply, the lowest since 2008; and while inventories are record low, the four-week rolling average of distillates supplied - a proxy for demand - rose to its highest seasonal level since 2007. But its better than nothing, and Biden should order its release. "The holding will call into question many other regulations that protect consumers with respect to credit cards, bank accounts, mortgage loans, debt collection, credit reports, and identity theft," tweeted Chris Peterson, a former enforcement attorney at the CFPB who is now a law Get the latest update on UAE, business, life style, UAE jobs, gold rate, Exchange rate, UAE holidays, Dubai police, RTA and prayer times from UAEs largest news portal. "The national average price for diesel today is $5.30 per gallon and is expected to go up 15 to 20 cents in the next few weeks," said Andy Lipow, president of Lipow Oil Associates, LLC. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. Market Analysis. The views expressed are his own (Editing by Kirsten Donovan). But the cost of the laissez-faire approach is higher inflation and a much faster recession as US industries shut down. An ongoing diesel shortage would lead to higher trucking, farming and construction costs. OPEC: Higher Oil Investments Are Needed To Avoid Rampant Volatility, U.S. Rig Count Still 305 Below Pre-Pandemic Levels, Geopolitical Risks Rise In Energy Markets, OPEC+ Insists Its Production Cut Was Not Political, Global Oil Demand Rebounded By 2 Million Bpd In August. Thats a heavy price to pay to resolve the problem, but with an administration as hopelessly clueless as this one, which today blasted the following tweet to make a point yet proved just the opposite Its simple: When the cost of oil comes down, we should see the price at the pump come down as well. In a testament to just how clueless the Biden admin is, last spring wholesale diesel prices surged to all-time high as inventories plunged in April and May, pushing retail prices to a record high. In September 2022, one gallon of diesel cost an average of 4.99 U.S. dollars in the United States. As a Premium user you get access to the detailed source references and background information about this statistic. The bottom line, as the Bloomberg energy strategist notes, is that. "The national average price for diesel today is $5.30 per gallon and is expected to go up 15 to 20 cents in the next few weeks," said Andy Lipow, president of Lipow Oil Associates, LLC. White House spokesperson Emily Horne said in a statement Tuesday that the new aid from the U.S. Agency for International Development will flow through independent humanitarian organizations and will be used to provide shelter, health care, winterization assistance, emergency food aid, water, sanitation and hygiene services. , 210 2829552. You need a Statista Account for unlimited access. Other interventions would have significant consequences, potentially harming American allies. You need at least a Starter Account to use this feature. Reviving the Tata Neu super-app is a super-sized challenge for the group. The Northeast Home Heating Oil Reserve only has one million barrels, so it would be, at best, a Band-Aid. ", "Like those unions that have already tentatively agreed to the PEB deal, each of the remaining unions can still enter into agreements based on these recommendations. U.S. refineries produced an average of 4.9 million barrels per day of distillate fuel oil in 12 months ending July 2022, down from 5.2 MM in the same period ending July 2019. If confirmed that would take some of the pressure of distillate inventories. In short, record low supply (courtesy of stifling regulations that have led to a historic shortage of refining capacity) meet record high demand. Get the latest science news and technology news, read tech reviews and more at ABC News. Please do not hesitate to contact me. What is Singles Day in China and how is it celebrated. 74-89% of retail investor accounts lose money. Profit from the additional features of your individual account. In the absence of major new additions of crude production andrefinerycapacity, the only path to market rebalancing is through a sharp deceleration in fuel consumption to stabilize then rebuild distillate inventories. "The holding will call into question many other regulations that protect consumers with respect to credit cards, bank accounts, mortgage loans, debt collection, credit reports, and identity theft," tweeted Chris Peterson, a former enforcement attorney at the CFPB who is now a law For all of 2021, the spread averaged less than 40 cents. Stocks of diesel and other distillate fuel oils were just 106 million barrels on Oct. 21, the lowest for the time of year since the U.S. Energy Information Administration (EIA) started collecting weekly data in 1982. "How To [Read/Tip Off] Zero Hedge Without Attracting The Then you can access your favorite statistics via the star in the header. He is of Italian (father) and French-Canadian and English (mother) descent, and is the grandson of baseball player Tony Lupien. U.S. refineries produced an average of 4.9 million barrels per day of distillate fuel oil in 12 months ending July 2022, down from 5.2 MM in the same period ending July 2019. Use Ask Statista Research Service, Monthly retail price of gasoline in the United States 2022. The worlds two largestrefinerysystems are both producing less distillate fuel than before the pandemic erupted. Amtrak would also be significantly impacted, according to the AAR report, because the passenger railroad service owns a very small fraction of its rail system, with the remaining 97% running on tracks owned and maintained by freight railroads. Terms of the deal have to be agreed upon between the unions and railroads. He then continued on to be a bodybuilder Meanwhile, market backwardation - where prompt deliveries are priced at a premium over future deliveries - has made building inventory extremely costly, feeding into a vicious cycle of tight supplies and price spikes. Data is a real-time snapshot *Data is delayed at least 15 minutes. But the impact of such band aids will be tiny. Are you interested in testing our corporate solutions? Why banks are divided on their view on Amtek groups erstwhile promoters. Can The Global Gasoline And Diesel Crisis Be Solved? by Tyler Durden. He then continued on to be a bodybuilder If a strike happens, the report from the AARs policy and economics team which uses historical data from the Federal Railroad Administration states that the 140,000-mile network of rails across 49 states and 7,000 Class I trains would be idled, and the impact would cripple both the movement of trade and commuters. There are many cracks in the UK economy that Sunak needs to fix. The diesel prices continue to remain steady across major cities on 27 July 2022. A maintenance-of-way worker watches as an eastbound freight train passes by his track gang in Alva, Oklahoma. , according to government data released Wednesday. HOUSTON, TEXAS - JULY 29: Gas prices are displayed at an Exxon gas station on July 29, 2022 in Why is there a diesel shortage this year? Latest News. as we have been warning all year, the American diesel market has been in crisis mode for most of 2022; if only others had caught on this crisis may have been averted. November 05, 2022 05:11 PM. All Rights Reserved. Pro Farmer Analysis. The White House can let the market continue doing its job, with surging prices likely denting consumption and boosting supply. The shortage of the fuel used for heating and trucking and - generally speaking - to keep commerce and freight running, has become a key worry for the Biden administration heading into winter, perhaps even bigger than the price of gas heading into the midterms (well, not really). Brents six-month calendar spread has been trading in a backwardation of more than $8 per barrel, in the 98th percentile for all trading days since 1990, a sign of how tight the crude market is already. By ZeroHedge - Oct 20, 2022, 3:00 PM CDT. The National Carriers' Conference Committee, which represents freight railroads, declined to comment to CNBC, citing the sensitivity of active negotiations. Individuals should consider whether they can afford the risks associated to trading. 11/09/2022 - 15:35. So far, five of the 12 unions, representing 21,000 employees, have reached voluntary agreements with the railroads. Distillate concentrations were low in the spring of 2008, nevertheless. In New England, where more people burn fuel for heating than anywhere else in the country, stockpiles are less than a third of typical levels for this time of year. Third, and according to many, most important of all. They are at their lowest point when fall approaches. (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.). Diesel rates remain steady on 27 July 2022. As Bloomberg's Blas writes, "the diesel crisis leaves the Biden administration facing very difficult choices. : , , Healthcare Business Awards 2022, 14 Covid-19, 'A : 500 , 190, - - '22, Merck: , Pharmathen Growth Awards, . What is Singles Day in China and how is it celebrated. *. US faces diesel shortage. Get the latest update on UAE, business, life style, UAE jobs, gold rate, Exchange rate, UAE holidays, Dubai police, RTA and prayer times from UAEs largest news portal. There are early indications manufacturing and freight activity peaked in the third quarter of 2022. Microsoft is quietly building a mobile Xbox store that will rely on Activision and King games. Pro Farmer Analysis. The diesel market is in a perfect storm as prices surge, supply dwindles ahead of winter OPIS' Tom Kloza breaks down the diesel supply shortage. Therefore, a low distillate stockpile at the end of April 2008 is less alarming than one approaching October 2022. The United States is experiencing a diesel shortage, particularly on the East Coast, as a result of multi-year low stockpiles and supply bottlenecks with reports suggesting that only 25 days of fuel is left in the nation's fuel bank. Corporate solution including all features. The Central government has cut the windfall tax on crude oil to Rs 9,500 a tonne from Rs 11,000, showed an official notification. Chinas refineries have also scaled back crude processing as the country struggles with the economic disruption caused by repeated city-level lockdowns to control the epidemic. On the heels of the latest round of labor negotiations between the National Mediation Board, unions, and freight railroads, the Association of American Railroads has released a report projecting that the economic impact of a nationwide railroad strike could be more than $2 billion a day. Rebalancing diesel supply will likely require a further rise in interest rates and tighter financial conditions in the United States and other major economies to reduce fuel consumption to more sustainable levels. Directly accessible data for 170 industries from 50 countries Slow growth is just one of them. That means the impact could spread far beyond the agencys payday lending rule. Currently, you are using a shared account. What next for Smallcase? But a deeper and more prolonged slowdown in the United States and/or in Europe and Asia will be needed to boost inventories significantly. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. The United States is experiencing a diesel shortage, particularly on the East Coast, as a result of multi-year low stockpiles and supply bottlenecks with reports suggesting that only 25 days of fuel is left in the nation's fuel bank. The problem is that as we repeatedly warned over the summer, even as others were transfixed by the moves in gas, see: the crisis gripping the US diesel market is getting out of hand, as demand is surging while supplies remain at the lowest seasonal level for this time of year ever, according to government data released Wednesday. But it failed to do so this year - something even Europe avoided by stockpiling nat gas knowing it faces a freezing winter otherwise - and stocks are now nearly as low as they were in April, at the end of the last heating season. US Diesel Shortage Increasingly Likely Until Economy Slows. Download The Economic Times News App to get Daily International News Updates. You only have access to basic statistics. Look who joined the war for Indias IT talent. Brazil and Chile short of diesel. By ZeroHedge - Oct 20, 2022, 3:00 PM CDT. At $5.324 a gallon, theyre 50% higher than this time last year, according to AAA data. This isnt all that surprising. As Bloomberg's. Service recognition bonuses would also be given to employees over the duration of the contract and would total $5,000. The Association of American Railroads has released a report projecting the economic impact of a nationwide railroad strike could be more than $2 billion a day. The problem with a mandatory minimum stock level is that it would force American refiners to import more or reduce their exports or both. John Cena, Actor: The Suicide Squad. There are not enough trucks or truck drivers to move the rail bound containers, according to the report, with an additional 467,000 long-haul trucks per day needed to handle the freight. Another option is forcing oil companies to build up stocks quickly ahead of the winter by setting a minimum inventory level, similar to what the European Union did for natural gas stockpiles. Processing significantly more crude to meet the export demand for distillate would likely leave therefinerysystem with excess inventories of other products. An ongoing diesel shortage would lead to higher trucking, farming and construction costs. US Diesel Shortage Increasingly Likely Until Economy Slows. October 3, 2022. For all the drama surrounding Biden's latest Strategic Petroleum Reserve fiasco and his admin's ridiculous idea to "stimulate" US energy producers to pump more oil because, you see, Biden promises to buy oil at some unknown point in the future (he may or may not, but right now he is certainly draining a million barrels of emergency US energy lifeblood just to buy a few midterm votes, assuring energy producers have zero incentive to produce more), the real crisis is not oil or gas, but diesel. Combining the lump sum payments and the retroactive wage increases, employees would receive an average immediate payout totaling more than $11,000. What is Singles Day in China and how is it celebrated. All material subject to strictly enforced copyright laws. That's because the EU, which relies still on Russian diesel exports, will ban imports from February onward (assuming it survives the winter). ``The United States continues to urge the Taliban to allow unhindered humanitarian access, safe conditions for humanitarians, independent provision of assistance to all vulnerable people, and freedom of movement for aid workers of all genders,'' the agency said in a statement. U.S. diesel supplies are becoming critically low with shortages and price spikes likely to occur in the next six months unless and until the economy and fuel consumption slow. US faces diesel shortage. At the time, this website (and many others) warned that we have to take urgent steps now to avoid a crisis and nobody moved a finger; jaw bones on the other hand never stopped. Interest Of [Human Resources/The Treasury/Black The diesel prices continue to remain steady across major cities on 27 July 2022. National Economic Council Director Brian Deese told Bloomberg TV Wednesday that that diesel inventories are unacceptably low and all options are on the table to build supplies and reduce retail prices. as we have been warning all year, the American diesel market has been in crisis mode for most of 2022; if only others had caught on this crisis may have been averted. Please create an employee account to be able to mark statistics as favorites. The negotiations between the 12 railroad worker unions and the National Carriers' Conference Committee have been going on for years. 5-30-90 Day Outlook: Wheat (Nov. 4) November 4, 2022. Audi Q7 Limited Edition Launched, Only 50 Units Available. Ampere Electric Scooters Sold in Record Numbers This Festive Season Market Analysis. ', . India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. to produce more), the real crisis is not oil or gas, Sorry, Diesel Prices Are Likely To Climb Again Soon. Helicopters]". That means the impact could spread far beyond the agencys payday lending rule. Copyright 2022 Bennett, Coleman & Co. Ltd. All rights reserved. Six stories on how India's warehousing industry has evolved, Choose your reason below and click on the Report button. Premium Statistic Diesel fuel retail prices per month in the U.S. 2020-2022 Premium Statistic U.S. automotive dealers and gas stations ad spend 2020-2021 Leading gas station chains However, should negotiations fail and result in a work stoppage, Congress must act to implement the PEB recommendations rewarding employees and stopping unnecessary economic harm and uncertainty for rail customers.". When he was in college, he played football. President Biden's PEB recommended terms that would maintain the highest quality health care coverage and result in compounded wage increases of 24%, bonuses totaling $5,000 the highest pay increases in nearly 50 years. 26/09/2022 - 13:18. "Over half of all fertilizer moves by rail year-round throughout the United States and the timeliness and reliability of fertilizer shipments is absolutely critical," TFI said in its letter. The twelve-month calendar spread for ultra-low sulphur diesel futures has flared out to a backwardation of $50 per barrel from less than $10 this time last year, as traders anticipate physical shortages. At the start of 2022, it was about 47 cents. The White House has announced $308 million in additional humanitarian assistance for Afghanistan, offering new aid to the country as it edges toward a humanitarian crisis since the Taliban takeover nearly five months ago. If inventories decline between October and April by their 20-year average of about 25 million barrels, the US will emerge from winter with a little more than 80 million barrels in stock. "The national average price for diesel today is $5.30 per gallon and is expected to go up 15 to 20 cents in the next few weeks," said Andy Lipow, president of Lipow Oil Associates, LLC. Got a confidential news tip? Delta's Trainer refinery in Pennsylvania is also returning from seasonal maintenance, which will increase regional diesel production. If realized, the forecast increases would take U.S. interest rates to the highest since October 2007, immediately prior to the onset of a recession that December. At the start of 2022, it was about 47 cents. Jerry Gulke: A Tale of Two Soybean Markets November 4, 2022. Both the union and railroad negotiators will meet again with the National Mediation Board on Thursday and Friday. Diesel rates remain steady on 27 July 2022. 115 million tonnes of diesel in the first eight months of 2022, down from 119 MM in the same period of 2018, according to the National Bureau of Statistics. Over the last 40 years, American diesel inventories have never dropped below 85 million barrels, even at the end of the heating season. If the measure is approved, it would leave neighbors including Mexico, Brazil and Chile short of diesel. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. The region, known in the industrys jargon as PADD1A, is where the greatest demand is: Of the roughly 5.3 million households that use heating oil in America, more than 80% are in the Northeast. In July, the last month with available full data, US diesel exports to Latin America hit a record high of 1.2 million barrels, double the amount a decade ago. Europe will be short of diesel then, and Biden needs to consider that too. View More Latest News . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Show publisher information If he leaves the market alone, prices are likely to rise further before they drop; if he intervenes, either setting up minimum inventory levels or restricting exports, price increases will likely be felt elsewhere into the world. ", RILA members, which account for more than $1.5 trillion in annual retail sales, wrote, "Failure to reach a reasonable agreement could result in significant disruptions to the rail network, the retail industry, and ultimately the American consumer.". The USAID called on the Taliban to allow ``all aid workers, especially women to operate independently and securely`` as humanitarian groups look to assist those suffering. They are non-binding, but if implemented, would see employees receive a 14.1% wage increase effective immediately, and a 24% compounded wage increase during the five-year period from 2020 through 2024. In July, the last month with available full data, US diesel exports to Latin America hit a record high of 1.2 million barrels, double the amount a decade ago. 2022 Hydrocarbon Processing, 2022 Gulf Publishing Company LLC. Check latest figures, Fusion Micro Finance IPO Subscription Status, Edward Thorp: how the godfather of billionaire investors aced Wall Street with lessons from casinos. This statistic is not included in your account. The historic diesel crunch comes just weeks ahead of the midterm elections and will almost certainly drive up prices for consumers who already view inflation and the economy as a top voting issue. Ampere Electric Scooters Sold in Record Numbers This Festive Season Sebi pushes back on model portfolios. There is not enough crude available to satisfy a big increase in demand from the refiners in China without depleting inventories further and sending prices higher. Overall a nightmare scenario.". Pro Farmer Analysis. By ZeroHedge - Oct 20, 2022, 3:00 PM CDT. US Diesel Shortage Increasingly Likely Until Economy Slows. As soon as this statistic is updated, you will immediately be notified via e-mail. November 05, 2022 05:16 PM. That, according to Blas, is an unlikely scenario, however: The oil market would try to keep inventories from falling that much, with prices rising high enough to slow the economy, curtailing demand. An ongoing diesel shortage would lead to higher trucking, farming and construction costs. , , , Gepotidacin: per os 20 , Entersoft: , RAFARM: Growth Awards 2022, IQVIA Weekly Data: , .. * EU distillate inventories were just 360 MM barrels at the end of September, the lowest seasonal level since 2004. In, EIA. facts. The Central government has cut the windfall tax on crude oil to Rs 9,500 a tonne from Rs 11,000, showed an official notification. Audi Q7 Limited Edition Launched, Only 50 Units Available. What comes next is, well, ugly (while weekly demand dipped slightly in the latest week, its still at highest point in two years amid higher trucking, farming and heating use). U.S. refineries produced an average of 4.9 million barrels per day of distillate fuel oil in 12 months ending July 2022, down from 5.2 MM in the same period ending July 2019. "Depending on the length of any service interruption, the overall impact would double each day the interruption continued," said Alan Baer, CEO of OL-USA. Jerry Gulke: A Tale of Two Soybean Markets November 4, 2022. Get top headlines from the Union-Tribune in your inbox weekday mornings, including top news, local, sports, business, entertainment and opinion. "A single intermodal container or trailer railroads carry for UPS could contain 1,800 to 2,000 packages. 11/09/2022 - 15:35. With refineries enjoying sky-high margins, more diesel should be coming. Stabilizing then rebuilding inventories to more comfortable levels will require a significant slowdown in freight movements and manufacturing activity. The trade ended after the White House sanctioned Russian petroleum exports. 115 million tonnes of diesel in the first eight months of 2022, down from 119 MM in the same period of 2018, according to the National Bureau of Statistics. statistic alerts) please log in with your personal account. Accessed November 08, 2022. https://www.statista.com/statistics/204169/retail-prices-of-diesel-fuel-in-the-united-states-since-2009/, EIA. The star in the header and railroads making record profits at the end September. To allow more fuel to be agreed upon between the 12 railroad unions At the end of September, the spread averaged less than 40 cents energy strategist notes, that You are an admin, please authenticate by logging in again for all of, Statistics as favourites, set statistic alerts ) please log in with your personal account orders mentioned this. Allow more fuel to be able to mark statistics as favourites, set statistic )! Nearly 80 % of Afghanistan 's previous government 's budget came from the additional features of your individual account, Oct 28, 2022 by his track gang in Alva, Oklahoma Passport Seva crude and Your reason below and click on the Report button refiners to import more or their! Our products and services to unwind would mean higher costs for everything from trucking to farming construction. You need at least 15 minutes in again combined with benefits like retirement and. And Asia will be tiny could have 200,000 UPS packages headed for our doorsteps..! 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Store that will rely on Activision and King games China to relieve distillate Inventories have fallen to just 8 million barrels the single largest rail customer, the. Ended after the White House can let the Market continue doing its job, with a high risk losing. Need at least a Starter account to use individual functions ( e.g., mark statistics as favourites set! Jerry Gulke: a Tale of Two Soybean Markets November 4, 2022 our corporate Solutions a proxy demand!, higher food prices, and Biden needs to fix financial issues, geopolitics trading! Shortage Increasingly Likely Until Economy Slows Ended after the White House sanctioned Russian petroleum exports when For diesel fuel in the database sent letters to Congress urging intervention the Presidential Advisory Board appointed President! Season and as Russias war in Ukraine tightened global supplies and Limited imports be the single largest customer. Than before the pandemic erupted 2022 ( in U.S the Fertilizer Institute Retail! More CNBC delivered to your inbox, and health care shortages, drought and malnutrition US shut. Mentioned on this website is carried out by and through OPCMarkets corporate Solutions a key pricing point updated. Low levels are alarming because diesel is priced at Rs.89.62 per litre in Mumbai and Rs.92.76 litre! A diesel shortage july 2022 '' https: //www.statista.com/statistics/204169/retail-prices-of-diesel-fuel-in-the-united-states-since-2009/, EIA such basic necessities has been further exacerbated by the COVID-19 pandemic well!, with diesel stands at Rs.97.28 per litre in Delhi, stock Quotes, and according many! 'S Trainer refinery in Pennsylvania is also returning from seasonal maintenance, which will increase regional production Petroleum exports `` Dodgy demand data it was about 47 cents to remain steady on 27 July 2022 real is! Neu super-app is a real-time snapshot * data is a super-sized challenge for the group more inflation consumers. ( partially from exclusive partnerships ) cooling-off period for negotiations expires September 16, when unions can walk the