Hurricane Isaias slams Gulf refining as diesel prices stay near records

Mother Nature and geopolitics are tag-teaming the fuels market this week — a Cat 3 hurricane just took a third of Gulf platforms offline while Ukraine keeps lighting up Russian refineries, and somehow diesel still can't catch a break at the pump.

Hurricane Isaias strengthened to Category 3 and shut in roughly 1.3M bpd of Gulf production and 121 platforms, putting Gulf Coast refineries on alert even as crude eased Friday on hopes of easing Iran tensions and fuel export resumption. Diesel remains stubbornly elevated near record highs despite White House efforts to boost supply, while independent refiners are set for another blowout earnings quarter on tight global refined product supply. On the policy and clean-fuels side, leadership shakeups hit EcoEngineers and LanzaJet, the Clean Fuel Credit Consortium weighed in on 45Z chain-of-custody rules, and Couche-Tard moved to acquire Irving Oil retail assets in Quebec and Ontario.