Goldman Sachs Warns Oil’s Biggest Shock Will Hurt Fuels Most

The largest oil market shock on record triggered by the war in the Middle East is set to have a greater impact on products such as jet fuel and diesel than on crude, according to Goldman Sachs Group Inc.

“Prices have rallied much more for many refined products than for crude,” analysts Yulia Zhestkova Grigsby and Daan Struyven said in a note. The severe disruptions seen in supplies of so-called medium-heavy crude pose the risk of lower production of diesel, jet fuel and fuel oil, they said.