Additionally, a surge in the diesel market amid tight supplies and a decline in US gasoline and middle distillates stocks last week lend support to the market.
In Rotterdam, margins rose with most of the strength coming from the middle distillates as ongoing adjustments in product trade flows in Europe continued to exert upward pressure on fuel prices.
With most commodity markets already experiencing tight supply, the war in Ukraine ignited a strong rally on top of prices that were already high, and justifiably so.
The latest US congressional effort to apply US anti-trust laws against the Organization of the Petroleum Exporting Countries will have unintended consequences complicating President Joe Biden’s efforts to stabilize global oil markets, according to the White House.