Fuel Prices Surge Due to Refinery Issues and Spiking Demand

• Global fuel prices are surging due to supply disruptions, refinery closures, and resurgent demand • Gasoline and diesel price increases are outpacing crude oil in major markets • Refiner profits are above seasonal norms signaling tightness ahead of summer driving season • Interruptions to fuel production from outages and attacks are further lifting prices • Forecasting fuel availability is difficult this year with demand breaking records and new projects prone to delays