Fuel prices in the United States rose more than crude last month as Washington exported more refined products to supply European markets following the Russia-Ukraine conflict.
World oil prices have risen nearly 17 percent since Russia's military operation in Ukraine on February 24, according to Refinito Icon. This is while the price of gasoline has increased by 30% and fuel oil by 40% in this country.
At the same time, according to the US Energy Information Administration, oil reserves are 105 million barrels, the lowest level since April 2008.
US refined exports have averaged 6.3 million barrels per day over the past four weeks, almost the fastest rate of export in US history.
Traders say the world's fuel reserves are unlikely to grow rapidly as large producers such as OPEC increase their output slowly. The shortage of fuel in the market is alarming and worrying, as it indicates that refineries are struggling to meet demand, even if more oil is available through release from reserves.
Global demand for crude oil, gasoline and other fuels is declining as demand approaches pre-coronary levels. Supply (fuel) has been limited following the Russia-Ukraine conflict and subsequent Russian sanctions.
Washington has released millions of barrels of strategic reserves to control oil prices, but oil reserves are still dwindling.