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Original headline: New England faces record - high heating oil costs this winter ( XLU : NYSEARCA )
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- Diesel supplies expected to remain tight into 2027
Diesel supplies could stay tight well into 2027 as disruptions in the Middle East and Russia keep affecting global fuel markets, raising costs for farmers and other diesel-dependent industries. The IEA says combined diesel export losses from the Middle East and Russia reached about 1.3 million barrels per day in September, while diesel refining margins hit record levels approaching $95 per barrel. The agency warns higher diesel prices add to inflation through transport and production costs and could weigh on economic activity. Farmers are especially exposed because diesel powers tractors and combines and fuels the transport of grain and livestock. Refinery output may recover toward year-end but will not fully replace lost supply, and seasonal maintenance and winter heating demand could add pressure.
- Diesel supplies expected to remain tight into 2027
Diesel supplies could stay tight well into 2027 as disruptions in the Middle East and Russia keep affecting global fuel markets, raising costs for farmers and other diesel-dependent industries. The International Energy Agency (IEA) says combined diesel export losses from the Middle East and Russia reached about 1.3 million barrels per day in September, with attacks on energy infrastructure and lower refinery output tightening supply. Diesel refining margins have hit record levels, approaching $95 per barrel, and the IEA warns higher diesel prices are adding to inflation and pressuring economic activity. A refinery recovery toward year-end may bring some relief but is unlikely to fully replace lost supplies, and seasonal maintenance and winter demand could add pressure in the coming months.
- $95 is cheap for oil , could hit $140 by February , $500 by 2030 , says a leading global currency strategist
- Gas price calculator shows how far your money goes
A new calculator from the Get the Facts Data Team shows how many gallons a given amount of money buys at the pump, based on the EIA's monthly national average price for regular gasoline. Regular gasoline averaged $4.36 in September, and the gasoline index was up 34.2% year over year. The BLS reported that gasoline rose 9.1% in September, accounting for over half of the month's overall increase, and overall inflation reached 3.7% year over year as the ongoing U.S. war with Iran keeps oil prices elevated.
- Iran conflict blamed for US energy shock and pressure on gas and grocery costs
The US Treasury cited Treasury Secretary Scott Bessent's view that the current price surge is an energy shock tied to the Iran conflict and that prices will fall after the conflict ends. The Bureau of Labor Statistics reported consumer prices rose 0.6% in September and 3.7% over 12 months, with energy up 20.4% and gasoline up 34.2% from a year earlier, while grocery prices fell 0.1% for the month. Core CPI rose 2.6% over the year, up from 2.4% in August, and rent rose 2.8%, so the article notes the data do not support claims that core inflation or rents are falling. Brent crude settled at $109.86 a barrel on October 16, and freight costs for one planned US-to-Japan tanker voyage equaled $40.50 per barrel. Agricultural commodity prices rose 13% in the third quarter, and the International Fund for Agricultural Development warned that disrupted fertilizer and transport could push food prices higher.
- Gas price calculator shows how far your money goes
Gas prices have risen sharply since the U.S. war with Iran began in February, with the EIA's average regular gasoline price at $4.36 in September. The Get the Facts Data Team built a calculator that shows how many gallons a given amount of money buys at the pump, based on each month's national average price. The BLS reported that the gasoline index rose 34.2% year over year in September, and a 9.1% monthly jump in gasoline accounted for over half of the overall monthly increase in prices. Overall inflation worsened to 3.7% year over year as oil prices stay elevated amid the ongoing conflict.
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