Heightened risk of a Trump administration diesel export ban has driven non‑U.S.
diesel prices higher relative to U.S. product. At Wednesday’s close, NYMEX
heating oil’s premium to European diesel narrowed to its lowest since late
April; the spread’s one‑day swing was the largest since the 2022 Russia‑Ukraine
supply shock, before partially reversing on Thursday. Whether Washington will
imposing a ban remains uncertain, but Energy Secretary wright has told oil
industry leaders to prepare for possible export limits amid rising U.S. retail
fuel prices. The EU has voiced concern about the prospect.
