Exxon Mobil closed one of its largest Midwest diesel refineries, cutting the daily production of approximately 11 million gallons of gasoline and diesel fuel due to outage issues. This operational failure coincides with reports of fuel shortages at some retail stations across the United States. The American Automobile Association recorded the average national price for diesel at $6.40 per gallon this week, the highest level on record.

S&P Global warned that supply conditions will deteriorate through the end of the year, noting that global diesel stocks have hit 10 year lows and US refineries are running at 97% capacity. Russian export bans and a 25% drop in annual exports further constrain the market as the US enters peak demand for winter heating and fall harvests. Diesel prices have climbed nearly 90% this year, with some market participants projecting a move toward $7.00 per gallon.