Diesel pricing is pointing to a scarcity with winter demand looming

Stockpiles of diesel-type fuel in northwest Europe are set to fall in coming months. Image: Getty.

Elizabeth Low, Jack Wittels and Chunzi Xu

At any other time in history, the current state of the global diesel market would have sent some countries into a panic.

All over the world, prices for the fuel are sky-high relative to the crude oil from which it is made, pointing to a scarcity that should alarm inflation-obsessed governments everywhere. And within just a few months, the Northern Hemisphere will enter winter, pushing up demand for heating.