Russia, Germany Add Diesel Supply as Fuel Market Scrambles for Barrels
Russia, Germany Add Diesel Supply as Fuel Market Scrambles for Barrels Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… Russia and Germany are putting more diesel into a global market that has spent months looking for barrels almost anywhere it can find them.
President Donald Trump said Friday that Russian President Vladimir Putin had agreed to immediately supply more than 300,000 metric tons of diesel to the U.S.
and global market, followed by another 500,000 tons in November and 1 million tons after that.
The first three tranches amount to roughly 13 million barrels of diesel.
Trump said Russia could subsequently supply another 3 million tons, depending on the condition of its refineries.
Russia has kept diesel exports largely shut for months as Ukrainian attacks reduced refinery output and Moscow prioritized its domestic fuel market.
Any return of Russian barrels would therefore restore supply that has been conspicuously absent during the global diesel crunch.
Oil prices moved lower after Trump’s announcement, with WTI dropping to around $91 per barrel Friday afternoon.
Europe is opening its emergency tanks, too.
Germany will release as much as 15 million barrels of diesel, heating oil and crude from strategic reserves, Economy Minister Katherina Reiche said Friday.
Diesel and heating oil will move first, followed by crude.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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