Weak Diesel Prices Reflect Global Economic Slowdown

Back in September last year, Bloomberg reported that refineries around the world were struggling to keep up with demand for diesel fuel. That imbalance led to soaring diesel prices, with the fuel gaining 60% in Europe and topping $140 per barrel in the U.S. At the time, there were warnings that economic activity roaring back after the pandemic and the 2022 energy crunch would lead to a diesel fuel shortage and drive higher inflation. Only that didn’t happen.

Reuters’ Kemp again reported earlier this month that an alternative PMI reading done by the Institute for Supply Management suggested improvement in activity in March, especially in manufacturing. Services, on the other hand, saw weaker activity. It is interesting to note that the services industry includes sectors such as farming, transport, and construction—all heavy users of diesel fuel.

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