@jolyon🇺🇸 Diesel hit $6.05 in the U.S., but the bigger question is which part of the barrel the next decade cannot replace. A refinery is a ladder: LPG, naphtha, gasoline, kerosene, diesel, heavy fuel, then tar. Kill the tower and they all disappear. Gasoline is easiest to replace. Cars electrify. Other fuels have substitutes. Diesel still moves food and freight. Jets still need kerosene. Naphtha still feeds the factories making plastics, packaging, parts, and medicine. Right now, diesel is the crisis: refineries at 97.8%, distillates 13% short, cracks exploding. Longer term, naphtha may be harder to replace. Diesel is the bill this autumn. Naphtha is the bill if factories keep running. Source: The Merchant News / Writer: Lucas #Finance

@jolyon🇺🇸 Diesel hit $6.05 in the U.S., but the bigger question is which part of the barrel the next decade cannot replace. A refinery is a ladder: LPG, naphtha, gasoline, kerosene, diesel, heavy fuel, then tar. Kill the tower and they all disappear. Gasoline is easiest to replace. Cars electrify. Other fuels have substitutes. Diesel still moves food and freight. Jets still need kerosene. Naphtha still feeds the factories making plastics, packaging, parts, and medicine. Right now, diesel is the crisis: refineries at 97.8%, distillates 13% short, cracks exploding. Longer term, naphtha may be harder to replace. Diesel is the bill this autumn. Naphtha is the bill if factories keep running. Source: The Merchant News / Writer: Lucas #Finance