Global energy crisis spurs scramble for prized diesel-rich crude

Diesel and fuel oil are expected to be the main oil-product beneficiaries of the crunch that's roiling Asia and Europe

The impact of the global gas and coal squeeze is rippling through the crude market, with the spot differential for Russia’s diesel-rich Sokol grade soaring on expectations that there will be more demand for substitutes this winter.

ONGC Videsh Ltd. sold a cargo for loading in early December at a premium of $5.20 to $5.30 a barrel over the grade’s benchmark, according to traders who asked not to be identified. That’s the widest spot differential since January 2020, data compiled by Bloomberg show.

Diesel and fuel oil are expected to be the main oil-product beneficiaries of the crunch that’s roiling