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Distillate Export Ban: More Gasoline, Lower Prices

The widely quoted claims by economists such as those at the Dallas Fed that a diesel ban would raise short-run gasoline prices are wrong. Click here to read more.

Iran War Boosts Refiner Hoarding

The ongoing war in the Middle East has increased refiner demand for precautionary stocks. One indicator of this is the extremely negative excess returns to storage for Brent shown in the figure here.

The Diesel Puzzle (September 21, 2026) -- Markets today seem poised to repeat the 2022 experience.

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