Fr. Feb 23rd, 2024

For the Quarter Ending June 2023

North America

The prices of Diesel in the US market experienced a decline during the first half of Q2, followed by further decrements in the second half. This can be attributed to lower demand from the power and logistics sectors, influenced by high inflation and rising interest rates. However, as the economy stabilized and inflation was brought under control in the second half, positive market sentiments for Diesel emerged. Additionally, the prices of feedstock crude oil decreased, contributing to the overall decline in Diesel prices. Moreover, the weak cost support from natural gas prices in the first half, followed by an increment in the second half, influenced the price trend in the Diesel market. Furthermore, weak international demand and stable operating plants with low downstream industry demand resulted in adequate inventories to meet market needs. Consequently, by the end of the quarter, the prices of Diesel were reported at USD 3.92/Gal.


In the Chinese market, Diesel prices witnessed a constant decrement throughout Q2. This was due to a decline in demand from industries such as fuel and logistics. Factors such as declining exports and deflation issues in China contributed to the negative market sentiments surrounding Diesel. Moreover, the presence of abundant Russian crude oil in the market resulted in a decrease in upstream crude oil prices. Additionally, lower coal prices, driven by the influx of cheap imports, led to a decline in production costs. The downstream industry’s weak demand resulted in lower plant operation rates. Furthermore, the constant decline in prices created a wait-and-watch sentiment in the market. On the other hand, in the Indian market, Diesel prices remained stable throughout Q2, supported by consistent demand from industries like fuel, logistics, and power. By the end of the quarter, Diesel prices were recorded at USD 954/ton.

South America

The Diesel market in Brazil experienced a decline throughout Q2. This was primarily due to decreasing feedstock crude oil prices and increased Diesel imports from the Russian market. The drop in crude oil prices resulted in a reduction in production costs. The availability of imported Diesel from the international market contributed to sufficient inventories in Brazil. Additionally, with plants operating at normal rates and weak downstream demand, there was an overflow of inventories, prompting sellers to offer discounts to stimulate market transactions. The constant decline in prices created negative market sentiments, leading buyers to adopt a wait-and-watch approach. Furthermore, hesitance in the market for large orders further impacted the Diesel market. By the end of June, Diesel prices in Rio de Janeiro, Brazil, were reported at BRI 5.05/ltr.

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