Russia has extended restrictions on gasoline and diesel exports through January 31, 2027, just five days after saying the diesel ban would disappear once its domestic fuel market recovered. Recovery, it seems, has been rescheduled. Moscow first banned diesel exports from July 8 through July 31 after repeated Ukrainian drone attacks knocked refineries offline, triggering fuel shortages and price spikes across Russia. Gasoline and jet fuel exports were already restricted.
The new order covers gasoline, diesel, marine fuel, and gas oils. Beginning…
Refining & Products Context
Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.
Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.
What to Watch
Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.
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