Europe Distillates-Diesel refining margins hit record as Trump supports export ban

TotalEnergies SE

23/09/2026 17:39

LONDON, Sept 23 (Reuters) - European diesel refining margins rose to a record high on Wednesday after US President Trump backed the idea of a diesel export ban.
Low-sulphur gasoil futures LGOc1 traded at $87.30 a barrel above Brent crude futures LCOc1 by 1631 GMT, $2.09 higher than the previous close, after hitting about $95 earlier in the session. 
President Trump on Tuesday backed the idea of banning US diesel exports as diesel prices surged to record highs in the US and Europe amid the wars in Iran and Ukraine.
But US Energy Secretary Chris Wright on Wednesday said such a ban would not work and could instead push up gasoline and jet fuel prices.
US distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 428,000 barrels last week to 107.4 million barrels, versus expectations in a Reuters poll for a 633,000-barrel drop, Energy Information Administration data showed. EIA/S
Brazilian state-run oil firm Petrobras PETR3.SA plans to import 650,000 cubic meters of diesel in October, the company's head of logistics and commercialization, Angelica Laureano, said on Wednesday.
 
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 (Reporting by Ahmad Ghaddar; Editing by Shreya Biswas)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))