Bloomberg's NYMEX one-month heating-oil/crude spread, tracked on the Terminal as the HOCL1 Index, breached $100 per barrel early Tuesday before surging to nearly $106 by late morning.
The historic blowout is a major warning that refinery outages in Russia (read Goldman's latest diesel warning), restrictions on industrial fuel exports, and continued disruptions through the Strait of Hormuz are deepening a crisis concentrated in finished fuels rather than in crude availability.
Larger time frame:
We first warned:
Diesel crack spread hits record high, just shy of $100 https://t.co/pxNKK1OUeR pic.twitter.com/uAciv62yPk
— zerohedge (@zerohedge) August 13, 2026
The latest snapshot of the worldwide refined-products squeeze came Tuesday morning from Kelly Chen, a senior economist at DNB Carnegie specializing in China, emerging markets, and energy markets.<
