Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Friday Apr 28, 2023
Friday Apr 28, 2023
Speakers
Natasha Kaneva, Head of Global Oil and Commodities Research
Thomas Palmer, Vice President of US Food Producers and Food Retailers
This podcast was recorded on Apr 28, 2023.
Wholesale diesel price in NY Harbor fell 37% from year ago levels, spurring worries of an impending recession. But the weakness in the US demand for diesel—fuel used in everything from trucks to construction equipment—is not a new phenomenon. Similar to gasoline, we observe that American truckers have been driving more on less. Data show that while demand for petroleum diesel has stagnated, consumption of biofuels like biodiesel and renewable diesel has been growing. In 2022, biofuels accounted for 4% of total US diesel supply, a share that is projected to increase to 15% by 2030.
This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4395279-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.