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<Commodity>G Sachs: Mideast War's Impact on Jet Fuel/ Diesel Greater than on Crude
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The Middle East war sent the largest shock to the oil market in history, with a greater impact on products like jet fuel and diesel than on crude oil, Goldman Sachs said. So far, the price hikes of many refined oil products have been way more than those of crude oil. The grave disruption in the supply of medium-heavy crude could pinch the production of diesel, jet fuel, and fuel oil. No product or region can be an exception, Goldman Sachs opined. The ongoing war in Iran is undermining the ability of Persian Gulf oil-producing countries to export refined oil products, leading to refinery shutdowns and drastically reducing the supply of crude best suited for producing fuels like diesel. Nearly 60% of crude exports from the Persian Gulf are medium-heavy crude typically used for producing jet fuel, diesel, and fuel oil, and there are not many alternative producers outside the Middle East in the market. AASTOCKS Financial News Website: www.aastocks.com |
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