US and European diesel prices are approaching pre-Ukraine invasion levels as negative macroeconomic sentiment-fueled by USfi nancial wobbles-once again dominates oil market sentiment.US diesel prices suffered the market’s steepest fall on Tuesday,at 3%.The 7.5￠ drop in the May contract,to $2.4477 per gallon,brought US prices to their lowest close since Russia’s invasion of Ukraine in February 2022.The more acute weakness in diesel relative to the rest of the oil complex-gasoline fell around 1.5%,while crude was down around 2%-refl ects continually higher-than-expected Russian diesel exports as well as worries over industrial activity,for which diesel is a proxy.Europe,now coping without the steady fl ows of 500,000 barrels per day of Russian diesel following the EU’s Feb.5 Russian productimport ban,is also seeing diesel prices moving toward pre-war levels.The ICE gasoil contract for May delivery fell by $17.25 onTuesday,settling at $716.25 per ton.
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