News Summary

• Middle distillate cracks hit a record high of $79 per barrel on Tuesday.
• The diesel crack in the United States is trading well above $100 per barrel, hovering near the all-time highs hit last month.
• Diesel prices globally have outrun the gains in crude oil prices as a combination of factors continues to tighten the diesel markets.
• These factors include the wars in Iran and Ukraine, which stifle product supply out of the Middle East and Russia, while Chinese fuel exports have yet to meaningfully rebound.