Refineries across the world are churning out increasing amounts of distillate fuel, also known as gasoil or diesel, despite prices for those products being at six-year lows.
But while distillates weigh on refiners, tanker companies are enjoying high utilisation as more diesel has to go to overseas markets.
The US Gulf Coast, one of the world’s major distillate exporting regions, saw prices for distillate reach $55 per barrel, which is up from an all-time low of $36 per barrel in January.
