YPF - Oil product shortages brewing in Northeast energy markets

It should come as no surprise that fuel shortages emerged following Russia's invasion of Ukraine. Shortly after the war began, BP (BP) and Shell (SHEL) flagged distillate shortages in Germany. Thereafter YPF (YPF) indicated that it was struggling to import diesel ahead of the harvest in Argentina. While a recent refinery outage in Libya has threatened product shortages in North Africa. However, shortages in the US, the world's largest producer of oil and refiner of oil products, could come as a surprise to some.  Nevertheless, inventories of diesel and jet fuel in the Northeast are at levels not seen since 1996, and on the precipice of hitting all time lows. And this at a time when international travel has been curtailed by pandemic-related restrictions: The low inventory levels are showing up in price. Diesel margins in New York Harbor currently sit above $100/b. Margins that have historically averaged less than

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Oil product shortages brewing in Northeast energy markets