Diesel Prices Set to Surge in 2024

By John Kemp, senior market analyst Global stocks of diesel and other middle distillates are below normal and prices could start to rise quickly if the industrial economies of North America and Western Europe emerge from their lingering recession in 2024. Inventories of diesel, heating oil and gas oil were below the prior ten-year seasonal average across North America, Europe and Singapore in January, which has begun to exert upward pressure on fuel prices. Investors have already noticed and amassed a position equivalent to 56 million barrels…