No widespread diesel shortages in the U.S. right now, says GasBuddy’s Patrick De Haan

Summary

Patrick De Haan, GasBuddy's head of petroleum analysis, tells Power Lunch that triangulated data shows no widespread U.S. diesel shortages, though isolated station outages are normal. He says diesel prices are at record highs, could stall near $6.50/gal, and could still rise depending on geopolitical developments such as Ukrainian attacks on Russian refineries. Gasoline prices have climbed to about $4.47/gal and face continued upward pressure from refining issues and refiners' focus on diesel.

• GasBuddy's crowdsourced, transaction-card and logistics data show no widespread U.S. diesel shortages.
• Diesel prices are at record levels, with nearly half of U.S. states seeing increases of over $0.40/gal in a week.
• De Haan sees the pace of diesel increases possibly tapering, with prices stalling shy of $6.50/gal, but upside risk remains.
• Russia's halt of heavy-product/diesel exports after refinery attacks is cited as the main reason for the wide gasoline-diesel price gap.
• Gasoline prices are up $0.16 to about $4.47/gal on Midwest refining issues and crude prices.
• De Haan says remaining concerns could push both gasoline and diesel prices higher.
• He calls record diesel costs 'apocalyptic for the economy' given heavy fuel use by tractors, trains and trucks.
• He recommends watching refined product prices such as RBOB and ULSD, not just crude.