Diesel squeeze raises costs for freight and construction

Global diesel supply is tightening as disruptions in the Middle East, Russian export restrictions and subdued Chinese refinery activity reduce available refined products, Axios reported. The International Energy Agency said diesel exports from Russia, the Middle East and Asia in July were 1.3 million barrels a day below a year earlier, equivalent to about 20% of global seaborne trade. AAA data cited by Axios put the average U.S. diesel price at $5.32 a gallon, up 44 cents in a month. S&P Global Energy said U.S. refineries were running at 96% of capacity.