Oil Is Piling Up at Sea While Stocks on Land Drain Fast

The global diesel shortage persists as refined fuel imports lag behind crude flows, oil stocks keep falling and refiners run near their limits. Alex Hodes, StoneX Director Energy Market Strategy, walks through the International Energy Agency's latest Oil Market Report with StoneX Media presenter Johanna Botta, from Gulf crude exports to the diesel market. Observed global oil stocks fell by 509 million barrels between the end of February and the end of September, according to the IEA. Refiners are already maximizing diesel output, and the crude grades available to them limit how much more diesel each barrel can yield, taking some jet fuel off the market. Oil at sea rose as sanctioned Iranian crude built up near China, while the crude actually drawn down and exported shows how much supply reaches buyers. Returning European and North American refiners and rising Russian diesel exports are easing pressure, while disruption in the Strait of Hormuz, at the Red Sea port of Yanbu and attacks on Russian refineries keep the diesel market tight. 00:00 - Global Oil Stocks Keep Falling 00:53 - Hormuz Headlines Rattle Ships 02:12 - Diesel Shortage Turns a Corner 03:19 - Jet Fuel Gives Way to Diesel 04:31 - Oil Piles Up on the Water 06:31 - Surplus Hinges on Hormuz Discover Actionable Energy Insights with StoneX Market Intelligence: https://shop.stonex.com/collections/energy?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_alex_hodes&utm_content=share Like and subscribe for more financial market insights. #CrudeOil #StoneX #AlexHodes #Diesel --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social