Diesel Fuel Prices Surge Following Drone Attack on Saudi Arabian Oil Facilities
Diesel fuel prices surged Monday as oil markets reacted to weekend news of a drone attack on Saudi Arabian oil facilities that took an estimated 50% of the country's production offline.
"Before the Sept. 14 drone attacks on Saudi oil facilities, the outlook for diesel prices was looking favorable for harvest needs," DTN Lead Analyst Todd Hultman said on Monday.
"Diesel was priced at $2.86 a gallon in the Midwest, down 10% from this time a year ago. On Monday after the attacks, however, diesel futures are up nearly 10%, unfortunate timing for grain producers getting ready to begin harvest, possibly in the next two to three weeks," Hultman said.
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"Before the Sept. 14 drone attacks on Saudi oil facilities, the outlook for diesel prices was looking favorable for harvest needs," DTN Lead Analyst Todd Hultman said on Monday.
"Diesel was priced at $2.86 a gallon in the Midwest, down 10% from this time a year ago. On Monday after the attacks, however, diesel futures are up nearly 10%, unfortunate timing for grain producers getting ready to begin harvest, possibly in the next two to three weeks," Hultman said.
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