Fears of a diesel shortage have receded in recent weeks despite a drawdown in U.S. distillate inventories which have fallen in the past weeks and are around 11% below the five-year average for this time of the year. Diesel markets in the U.S. and globally are less tight than feared at the start of this year, when traders were bracing for the EU ban on Russian diesel and other product imports. The continued flow of diesel exports from Russia – to destinations other than Europe – as well as a slowdown in freight and manufacturing…
