UL ULSD Загрузка... : Бычьи и медвежьи мнения аналитиков

Diesel is the oil product most vulnerable right now due to seasonal winter demand strength and supply disruptions from Russian refineries restricting exports. Recommends a long diesel time spread: long the December contract of this year, short the March contract of next year.

Global inventories of diesel and other refined products are uncomfortably low, with Russian diesel exports restrained by refinery attacks and Ukraine strikes further tightening supplies, causing diesel refining profits to jump and product prices to rise.

Refined products are significantly tighter than crude oil because of ongoing disruptions to Middle East and Russian product flows, even as crude oil has seen some softness. This tightness keeps gasoline above $4 and diesel above $5 per gallon, and the lack of confidence in Strait of Hormuz/Red Sea transit suggests the constraint will persist.