WASHINGTON, D.C. (RFD-TV) — Diesel prices are still climbing across much of the country, but the pace of those increases has slowed over the past week.
Patrick De Haan with GasBuddy says oil markets are closely watching the Black Sea region.
“I think what’s taking over is the potential that President Trump outlined pausing Russian sanctions. Though personally, I think that may be the wrong message to send to Russia. Having more Russian oil on the market potentially by easing sanctions would mean more supply. Having said that, when it comes to refined products, we’ve seen diesel prices going up gently in the last week across the majority of states, while gas prices have decreased in a majority of states over the last week.”
Aside from Russia and Ukraine, De Haan says he is also watching what refineries in China are releasing to the global market.
“There’s been talk now of a deal between Russia, China, and the U.S. in regard to Ukraine. I don’t think that’s going to be very successful leaving out Ukraine, but we’ll have to see. So, I think it’s those high-level issues and what trickles down from there. What’s going on between the U.S. and Iran is going to continue to be very impactful. So, no shortage of things to watch. I think those are some of the wild cards.”
De Haan says China is helping increase global diesel supplies, making its production another factor to watch in the coming weeks.
