- Diesel futures jumped 12% on Thursday to $5.135, the highest since the contract's inception in 1986
- Diesel has become the world’s most in-demand fuel since the invasion of Ukraine
- Buyers have been competing for supplies as fast as refiners on the U.S. Gulf Coast can make them, and refining utilization is above 90%
- PADD I (East Coast) Diesel stocks which include both diesel and heating oil are at their lowest since 1996
- On Thursday, German Economy Minister Robert Habeck stated that Germany is not opposed to an EU oil embargo on Russia (BBG)
- He said, "We have made a lot of progress on oil and could join an embargo if it happened." "Germany will not stand in the way"
- The statement comes after Habeck said on Tuesday that an embargo would be "manageable" because Russia's proportion of Germany's oil imports has dropped to approximately 12%, down from 35% before the invasion of Ukraine
- Exxon Mobil triples its buybacks and Chevron reported its best quarterly profits since 2012
- Exxon’s Mikells said the company was “on track” to meet previous plans to lift output from the Permian Basin 25 % this year
- Exxon declared a force majeure at its Sakhalin -1 project which produces 220 MBbbl/d