{"id":62288,"date":"2022-03-24T12:30:16","date_gmt":"2022-03-24T17:30:16","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62288"},"modified":"2022-03-24T12:30:16","modified_gmt":"2022-03-24T17:30:16","slug":"stock-outs-begin-austrian-energy-giant-limits-diesel-spot-sales-until-further-notice","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62288","title":{"rendered":"“Stock-Outs” Begin: Austrian Energy Giant Limits Diesel Spot Sales Until Further Notice"},"content":{"rendered":"
\n

“Stock-Outs” Begin: Austrian Energy Giant Limits Diesel Spot Sales Until Further Notice<\/a><\/h3>\n<\/header>\n
\n
\n

Earlier this week, we quoted the heads of some of the world’s biggest independent energy trades, who spoke at the FT Commodities Global Summit in Lausanne, Switzerland and unveiled a\u00a0dire forecast\u00a0<\/strong><\/em>for the diesel market: “The thing that everybody\u2019s concerned about will be diesel supplies.\u00a0<\/strong>Europe imports about half of its diesel from Russia and about half of its diesel from the Middle East,\u201d said Russell Hardy, chief of Switzerland-based oil trader Vitol. \u201cThat systemic shortfall of diesel is there.\u201d<\/p>\n

As a reminder, Russian supplies account for about 15% of Europe\u2019s diesel consumption,\u00a0according to the FT\u00a0<\/a>which carried their comments.<\/p>\n

Hardy said the shift to more diesel consumption over gasoline in Europe had helped to create shortages of the fuel. He added that refineries could boost their diesel output in response to higher prices\u00a0at the expense of other oil-derived products to shore up supply,\u00a0<\/strong>but warned that rationing was a possibility.<\/p>\n

\n

Meanwhile, Torbjorn Tornqvist, co-founder and chair of Geneva-headquartered Gunvor Group said that “Europe is short of diesel” but added that\u00a0“Diesel is not just a European problem; this is a global problem. It really is.”<\/strong><\/p>\n

Tornqvist also warned that European gas markets were no longer functioning properly as traders faced huge demands from banks for cash to cover hedging positions.\u00a0\u201cI think it\u2019s broken. It really is,\u201d\u00a0<\/strong>he said.\u00a0\u201cI never thought that somebody could say \u2018ah, gas has fallen below 100 per megawatt hours is really cheap\u2019.\u201d<\/strong><\/p>\n

Finally, the CEO of Trafigura Jeremy Weir, which has recently fielded billions in margin calls and has warned that commodity trading houses risk imploding absent a central bank bailout, put the final nail in the coffin warning that “the diesel market is extremely tight.\u00a0It\u2019s going to get tighter and will probably lead into stock outs\u201d\u00a0<\/strong>referring to when fuel stations run dry.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“Stock-Outs” Begin: Austrian Energy Giant Limits Diesel Spot Sales Until Further Notice Earlier this week, we quoted the heads of some of the world’s biggest independent energy trades, who spoke at the FT Commodities Global Summit in Lausanne, Switzerland and unveiled a\u00a0dire forecast\u00a0for the diesel market: “The thing that everybody\u2019s concerned about will be diesel […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[32795,281,3237,11402,4318],"class_list":["post-62288","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-diesel-supplies","tag-europe","tag-supply-chains","tag-supply-shortages","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62288"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62288\/revisions"}],"predecessor-version":[{"id":62289,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62288\/revisions\/62289"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}