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Market Chatter: US Diesel Futures Fall 4% as Reported Export Ban Sparks Market Reaction

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US ultra-low-sulfur diesel futures fell 4% Wednesday to $4.74 per gallon after a report cited a possible 90-day export ban, a plan the Trump administration denied, according to Reuters.

The US average for regular gasoline stands at $4.47/gal, up from $3.17/gal a year ago. Diesel averages $6.52/gal, compared with $3.69/gal a year ago, according to the American Automobile Association.

The White House toldthat the report was inaccurate, while citing Energy Secretary Chris Wright's comments that the Trump administration would pursue diesel export restrictions rather than an outright ban.

Wright said the administration needs to keep global markets supplied with diesel while working to shift the trajectory of US prices, adding that any export restrictions would remain voluntary.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Commodities

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US Crude Oil Inventories Rise, API Says

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