Bloomberg Surveillance · Thursday, August 13, 2026
A major refining shortfall across Russia, the Middle East, and China has led to a significant increase in the difference between diesel and crude oil prices. Francisco Blanche of Bank of America stated that this situation leaves the US as the only major exporter of fuels, causing inventories to dwindle rapidly.
“We have the difference between a diesel and crude oil wider in many places than the crude oil price itself, which has almost never happened before.”
“We have a major, a major refining shortfall which is happening across three main areas.”
“The Chinese have been curtailed. They're exports to the region to protect the domestic market. Uh, the exports of products of fuels, and so that leaves the US of A as the only place open for business.”