European diesel crack spreads exceeded $95 per barrel on September 23, 2026, marking the highest level since 2011. This surge follows reports that the Trump administration is considering a potential ban on American diesel exports.
The US exported a record 1.6 million barrels of diesel per day in August 2026. Europe has relied heavily on these supplies since 2022, following the implementation of sanctions on Russian energy.
Global supply remains constrained due to Russia's own export restrictions in place since July 2026 and ongoing disruptions in the Middle East. Meanwhile, US domestic diesel stocks were at 96.97 million barrels in mid-September, which is 13–15% below the five-year seasonal average.
US Secretary of Energy Chris Wright warned that an export ban could raise domestic gasoline prices and increase global diesel costs. Analysts note that such a policy could reduce overall refinery throughput and negatively impact US refining margins.
