US diesel is getting more valuable overseas at the exact time US supplies are getting tighter.
America exported a record 54.2 million barrels of diesel and gasoil in August. Russia just extended its export restrictions. The diesel crack hit almost $100 a barrel. And the Gulf Coast price jumped 27 cents in one day.
And if you want a front-row seat to the diesel crisis, come on up to New England, where we have smashed through to new all-time highs with conviction: https://t.co/BwPguiItIo pic.twitter.com/QPfqGocmzw
— Chris Martenson (@chrismartenson) September 1, 2026
it appears increasingly likely that the U.S. average diesel price will soon rise to a new record… wholesale diesel prices up 26-29c/gal so far today
— Patrick De Haan (@GasBuddyGuy) September 1, 2026
US Gulf Coast diesel hits an all-time record
US Gulf Coast ULSD reached $4.6973/gallon, up 27.17 cents in one day. S&P Global says this is the highest level since its assessments began in 2006.
At the same time, the diesel crack spread hit an all-time record of $98.153/barrel.
US diesel inventories fall for the fourth straight week
EIA data showed US ULSD inventories fell to 93.59 million barrels for the week ending August 21.
That’s the fourth consecutive weekly decline.
And this is happening before the full winter heating season arrives.
Russia extends its diesel export ban through September 30
Russia extended restrictions on diesel exports while the US diesel market was already tightening.
That matters because the global diesel market is losing supply at the same time US inventories are falling.
US diesel exports hit a record 54.2 million barrels
This is one of the strangest pieces of the story.
The US is exporting record amounts of diesel while domestic inventories are falling.
S&P Global says international demand is competing directly with US domestic demand for available barrels.
That means the US isn’t simply suffering from a lack of refining capacity. American diesel is being pulled into the global market because foreign buyers are willing to pay for it.
h/t Tonight We Ride!