Rapid Increases In Diesel Prices Reflect Low Inventories Going Into Winter Demand Season

In October 2022, the New York Harbor spot price for ultra-low sulfur diesel (ULSD) averaged $4.36 per gallon (gal), the highest monthly average price since May 2022 and the second-highest monthly average price on record (Figure 1). The diesel crack spread—the difference between the price of crude oil and an equivalent volume of diesel—marked a historic high at $2.14/gal in October, even higher than during the summer. By comparison, this high was $1.61/gal, or over four times, more than the diesel crack spread had been in October 2021. 

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