Record diesel prices raise fears of US fuel shortages

Record-high diesel prices have sparked concerns over potential fuel shortages, according to a report from OilPrice.com. The national average for on-highway diesel in the U.S. has recently surpassed $6 per gallon, with prices reaching as high as $7.76 per gallon in California. These developments have raised alarms about the possibility of supply disruptions, especially if delivery issues persist. The situation reflects a very tight diesel market, which could have broader implications for crude oil demand. In prediction markets, the news appears to be causing fluctuations in the odds of crude oil reaching a new all-time high. The likelihood of this occurring by September 30 remains low, with a 0.5% YES pricing, down from 1% a day ago. However, by December 31, the market pricing suggests a 12.5% probability, reflecting a potential shift if current trends in diesel and gasoline prices continue. Key Takeaways The report on record diesel prices appears to suggest increased demand for crude oil. Market pricing for crude oil reaching a new all-time high by September 30 has decreased to 0.5% YES. December 31 sees more supportive pricing for a potential increase, with a 12.5% YES probability...