Europe's already strained diesel market came under even more pressure as the Russian invasion of Ukraine has disrupted energy markets over the last two weeks. Now one of Europe's leading logistics companies warns about fuel shortages.
Lithuania-based Girteka Logistics, Europe's largest trucking company by ownership, announced it had "experienced some fuel shortages in Poland," according to Bloomberg.
Poland has introduced several limitations, including 500 liters (132 gallons) per refill. This comes after oil refiners, regulators, and industry groups in the country reported people have been panic hoarding fuel since the Ukrainian invasion. Poland shares the 530km (330-mile) border with Ukraine.
Outlining Girteka Logistics' nightmare of emerging fuel shortages is a futures curve signaling extremely tight supplies on the continent.
Traders are willing to pay as much as $142 a ton more to procure the fuel this month rather than waiting until April. That's the biggest premium of its kind in data going back to early 2008. In barrel-equivalent terms, the March contract is trading at over $195 -- also an all-time high. - Bloomberg
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