Diesel – The fuel that powers the world is having an unusual summer rally
A shot of a male British farmer wearing red overalls and a flat refuelling an agricultural tractor on a sustainable farm in Northumberland in northeast England.
The fuel that's the engine of the global economy is surging again, as hot weather hampers diesel supplies in a market that's still reeling from the loss of Russian exports.
Diesel futures in Europe and the US are trading at highs not seen since January, accompanied by a jump in Asia. The unseasonal summer strength has outpaced the resurgence in crude prices, offering another inflationary headache for central banks just as some are expected to pause rate hikes. And it's a stark reminder that the crisis threatening to burden farmers, put truckers out of business and leave homeowners in the cold is far from over.#
