ReutersEurope is heading into winter with seasonally low levels of diesel in storage tanks, with major implications for the continent's industries and drivers in the run-up to EU sanctions on Russian crude oil and refined product supplies. Diesel, along with other distillate fuels such as heating oil and gasoil, are the lifeblood of industry with uses ranging from powering factories to heating homes, in addition to being used as a motor fuel. When Russia, which supplies Europe with about 60% of its import requirement, invaded Ukraine on Feb. 24, the diesel market went into shock as it priced in a possible cutoff of those supplies.

Source: Wall Street Journal August 11, 2022 12:30 UTC