Global diesel prices soar as bans on Russian supplies add to tightness

Global diesel prices are soaring on concerns that Russian supplies of diesel and feedstocks will dry up due to sanctions, exacerbating an already tight market. NYMEX front-month ULSD settled March 8 at $4.4373/gal, up 51.58 cents on the day and up $1.54 since Feb. 24, when the Russian invasion of Ukraine began. “Russia supplies over 60% of Europe’s imports of…