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US heating oil crack spread reportedly surges to $117 a barrel

GlobalMktObserv says the gap between US heating oil and crude prices reached its highest level in Bloomberg data going back to 2009. It links the squeeze to supply disruptions in the Persian Gulf and Russia.

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2 Sources, 14d ago, first seen 14d ago

TLDR

GlobalMktObserv reported on September 16, 2026, that US heating oil futures, a diesel benchmark, rose 6.1% the previous day to a record settlement, while European gasoil futures rose 6.2% to a record high. It put the US heating oil crack spread—the difference between refined fuel and crude prices—at $117 a barrel, the highest in Bloomberg data going back to 2009. The account linked the pressure to supply disruptions in the Persian Gulf and Russia. It also said Russia was considering extending its diesel export ban through October, while the US was discussing a potential diesel export ban.

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2 Sources, first seen 14d ago

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Combined views

89.8K

2 Sources, first seen 14d ago

1.4K likes46 comments103 saves281 reposts

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2 Sources

@GlobalMktObserv🚨Diesel prices and refining margins are EXPLODING: US heating oil futures, the benchmark for diesel, jumped +6.1% on Tuesday to their highest settlement on record, while European gasoil futures surged +6.2% to a record high. The squeeze is even more extreme in refining, with the US heating oil crack spread surging to $117 a barrel, its highest level in Bloomberg data going back to 2009. The crack spread measures the difference between refined fuel and crude prices, showing how profitable it is to turn crude into products like diesel. At $117, it signals an extreme shortage of refined fuel, which can push diesel prices higher and add pressure to transportation costs and inflation. The pressure is coming from worsening supply disruptions in the Persian Gulf and Russia, tightening the availability of diesel and other industrial fuels. Additionally, Russia is considering extending its diesel export ban through October, while the US is also discussing a potential diesel export ban. At the same time, the energy shock is increasingly moving beyond crude oil and into refined products, pointing to a broader global refining crisis. Yemen's Houthi rebels are further tightening vessel supply, forcing some ships to take routes around Africa that add 30 days to each voyage. The global diesel market is facing an unprecedented supply squeeze.
@BarchartHeating Oil Crack spread soared to its highest level in history 🚨
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    2 Sources

    @GlobalMktObserv🚨Diesel prices and refining margins are EXPLODING: US heating oil futures, the benchmark for diesel, jumped +6.1% on Tuesday to their highest settlement on record, while European gasoil futures surged +6.2% to a record high. The squeeze is even more extreme in refining, with the US heating oil crack spread surging to $117 a barrel, its highest level in Bloomberg data going back to 2009. The crack spread measures the difference between refined fuel and crude prices, showing how profitable it is to turn crude into products like diesel. At $117, it signals an extreme shortage of refined fuel, which can push diesel prices higher and add pressure to transportation costs and inflation. The pressure is coming from worsening supply disruptions in the Persian Gulf and Russia, tightening the availability of diesel and other industrial fuels. Additionally, Russia is considering extending its diesel export ban through October, while the US is also discussing a potential diesel export ban. At the same time, the energy shock is increasingly moving beyond crude oil and into refined products, pointing to a broader global refining crisis. Yemen's Houthi rebels are further tightening vessel supply, forcing some ships to take routes around Africa that add 30 days to each voyage. The global diesel market is facing an unprecedented supply squeeze.
    @BarchartHeating Oil Crack spread soared to its highest level in history 🚨
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