US diesel prices have hit a record $6.20 a gallon, up 78% over the past nine months, with California topping $8.14 a gallon. The surge tops the previous 2022 high and is piling pressure on freight and logistics, while prediction markets still see low odds of crude oil hitting a fresh all-time high this year.
US diesel prices have surged to a record $6.20 a gallon, up 78% over the past nine months, according to data cited by @KobeissiLetter. In California, prices have climbed past $8.14 a gallon, driven by a combination of low supply and high demand.
The rise surpasses the previous high recorded in 2022, indicating significant pressure on the freight, shipping, and logistics sectors as fuel costs climb. The move suggests a tightening oil market, which could feed into crude oil price expectations.
Prediction markets currently put the odds of crude oil reaching a new all-time high by September 30 at just 1.8% YES, but that rises to 14% YES by December 31, suggesting participants may view longer-term factors as supportive of higher oil prices.
Observers should watch for actions and statements from OPEC's Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud, whose decisions could influence crude oil supply dynamics.
Source: Crypto Briefing
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