Record Pump Diesel Raises the Stakes for a U.S. Export Ban
September 17 brings a second energy-down, gold-up session, but today diesel futures are giving back more than crude. At the afternoon marks, October WTI fell $1.09 to $101.34/bbl and November Brent lost $1.81 to $104.02, while December gold edged $6 higher to $4,393.50/oz. December dollar-index futures barely moved at 99.955, down 0.02%. October gasoil dropped $44.75 to $1,493.25/mt and heating oil fell 17.26 cents to $5.0739/gal. The correction reached the structure: October/December gasoil backwardation narrowed $20.25 to $153.75/mt and October/January eased $25.75 to $216.25. The matching October heat crack fell from $117.92 to $111.76/bbl. Those are meaningful reductions, but October gasoil remains 72.4% higher over three months. The weekly chart still looks strong, and a crack above $111/bbl leaves considerable distance between a correction and a return to normal diesel economics.
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