Diesel prices are holding their own— despite refineries coming online. What gives?  

• While fuel exports haven’t hit records, they are trending higher than in prior years. Seaborne gasoline, diesel, and jet fuel shipments departing the U.S. Gulf Coast in March, April, and May averaged 32% higher compared with the same three months last year and 11% higher than the same period in 2019, according to market intelligence firm Kpler.
• Inventories are down.
• Long-term futures are lower than today’s prices. This means putting products in stock can be costly (buy today at high prices, sell in 6 months, and lose money).