The price difference between NYMEX near-month heating oil (currently equivalent to ultra-low sulfur diesel), converted to USD/barrel, and near-month WTI crude oil has widened to approximately $117/barrel, setting a new historical high. This level was

2026-09-17

The price difference between NYMEX near-month heating oil (currently equivalent to ultra-low sulfur diesel), converted to USD/barrel, and near-month WTI crude oil has widened to approximately $117/barrel, setting a new historical high. This level was already broken on August 17th when the price first surpassed $100. The widening price spread indicates that the current shortage is concentrated in middle distillates such as diesel, not just crude oil. The Russia-Ukraine conflict has led to refinery shutdowns and export restrictions in Russia, while transportation risks in the Middle East have further compressed global refined product supply. The recent shutdown of ExxonMobil's Joliet refinery in the US has further tightened regional supply. While the latest EIA data shows that distillate fuel inventories increased by 1.6 million barrels to 107.9 million barrels in a single week, this is still about 13% lower than the five-year average for the same period.