Crude
Cheap oil isn't coming back anytime soon.
Refined Product
Refiners are not short of crude. They are short of the capacity to turn it into middle distillates. Diesel is freight, farming, mining, construction and shipping. Jet is airfares. So the cost pressure from this shock arrives inside the price of goods and logistics rather than at the petrol pump.
Australian terminal gate prices
Petrol is up a bit, diesel is up by half, the excise holiday is over, and the chart is a week behind a middle distillates market that is still rising.
Natural gas
Making highs in August means Europe and Asia enter the coming winter from a worse position than they entered summer. The forward curves suggest just one pricey winter ahead.
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