LOOKING FOR OTHER SUPPLIERS
India and Indonesia said they were seeking alternative energy supplies. In China, some refineries were shutting or bringing maintenance plans forward.
Since the attacks began, Qatar has stopped liquefied natural gas (LNG) production, Israel has stopped production at some gas fields and Saudi Arabia shut its biggest refinery.
Saudi oil giant Aramco is attempting to reroute some crude exports to the Red Sea to bypass the Strait of Hormuz, where the risk of attacks has slowed shipping to a near halt, sources said.
GASOLINE AND DIESEL
US diesel futures jumped about 10 per cent to their highest since October 2023.
US gasoline futures climbed nearly 4 per cent to US$2.46 a gallon, their highest since July 2024. Crack spreads, which measure refining profit margins, soared to their highest since 2023.
In global natural gas markets, benchmark Dutch contracts, British gas prices and European and Asian LNG prices all jumped.
The premium of Brent over WTI widened to nearly US$8 a barrel, its highest since November 2022.
Analysts have said that when this premium rises over US$4, it can support US crude exports.
US crude and distillate stocks rose while gasoline inventories fell last week, according to market sources, citing American Petroleum Institute figures on Tuesday.
Crude stocks rose by 5.6 million in the week ended Feb 27, higher than the 2.3 million barrels analysts projected energy firms added to storage.