Trump is demanding Europe draw down on their diesel emergency supplies. Notably the UK is omitted from this - though that could be because we barely have any. He wants to free up the market ahead of the mid terms and this is a good way to do it. He is saying if they refuse he will ban diesel exports.
China have banned diesel exports in the last couple of days, as have India after a fire at a refinery which was running at over 100% capacity.
Meanwhile back in the US
PBF Energy just announce they were going down for 30-35 days on planned maintence.
This is their 165K bpd refinery in New Jersey.
Just at the worst possible point.
There's now rumours circulating in the US about an imminent trucker's strike over fuel prices. Many truckers are contractors who have to pay for fuel out of their own income but contracts are fixed so this is squeezing them hard. A dozen or so middle sized companies have gone out of business in recent months. There's been two haulage firms in the UK too. One in Cumbria and I think the other was over Wrexham way (but don't quote me on the latter).
Diesel futures in the US are starting to drop whilst petrol prices are going up. This means the market is anticipating a diesel exports ban (diesel production being pushed down in the US equals less petrol produced and then that starts to get tight).
Trump started talking last night that we were about to head into a depression. (As in economic 1930s). This isn't beyond the realms of possibility. There is a credible chance given the fuel situation.
The scale of this is yet to dawn on so many people in the UK.
The BBC has finally got this as the lead story today. I expect it to start to ramp up now.