Diesel cargoes are costing more than jet fuel in Europe for the first time in more than a year. Europe has been able to pull in jet cargoes from the U.S. and other countries like Nigeria as prices surged after the start of the Iran war, which disrupted crude and fuel supply.
Global diesel supply tightened even further when Russia banned exports amid Ukrainian attacks on its refineries. The Reuters Power Up newsletter by columnist Ron Bousso provides everything you need to know about the global energy industry.
"We see a higher risk of persistent scarcity pricing in diesel than in crude heading into winter," analysts at Goldman Sachs said in a note.
Europe boosted imports of jet fuel to 750,000 barrels per day in June — the highest since October 2025 — and a similar rate in July from 612,000 bpd in January, according to Kpler.
By contrast, European diesel imports have dropped to 1.56 million bpd in July from 1.97 million bpd in January. Against that backdrop, the price of diesel overtook that of jet fuel this week, LSEG data showed.
Diesel prices have resumed their rally in recent weeks amid an impasse in Iran peace talks and Russian export disruptions, and are now only 14% below their April peaks.
Full story Diesel prices overtake jet fuel in Europe as global shortage widens | Reuters
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