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Global diesel markets are signaling a new wave of inflationary pressure as retail prices in the US topped $6 per gallon for the first time, compared to $3.70 a year earlier. The surge is underpinned by seasonally record-low distillate inventories and refining constraints, with US refiners operating at near-maximum capacity of 98%. Supply disruptions across the Middle East and Russia have further tightened global markets, driving the US diesel crack spread over crude to a record high exceeding $106 per barrel.
