What goes into diesel prices?
Published . Updated .
The price of distillate fuel oil, often sold as diesel, is driven by the price of crude oil, retail margins, distribution costs, taxes, and crack spreads, the indicator we use for refining margins. Tight global supplies of distillate fuel oil and elevated crude oil prices have driven prices higher in recent months.
Directly affected
- No company is named in this report.
Indirectly affected
- XOM Exxon Mobil
Oil producers earn more when crude prices rise
- CVX Chevron
Oil producers earn more when crude prices rise
- OXY Occidental Petroleum
Oil producers earn more when crude prices rise
- COP ConocoPhillips
Oil producers earn more when crude prices rise
- VLO Valero
Refiners' profits move with crude and fuel prices
- MPC Marathon Petroleum
Refiners' profits move with crude and fuel prices
- XOP SPDR S&P Oil & Gas Exploration
A fund of oil and gas producers
- XLE Energy Select Sector SPDR
A fund of energy companies
- USO United States Oil Fund
This fund moves with oil prices
- OIH VanEck Oil Services
Oilfield services rise when drilling follows oil prices
Price reaction, T-5 to T+3
The price of distillate fuel oil, often sold as diesel, is driven by the price of crude oil, retail margins, distribution costs, taxes, and crack spreads, the indicator we use for refining margins. Tight global supplies of distillate fuel…
Source: EIA
Price since this story was published: State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP)
Since the first closing price after “What goes into diesel prices?,” State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) is +8.00%. The S&P 500 fund (SPY) is -0.89% over the same days, a +8.90% difference versus the market. energy stocks (XLE) is +8.58%, a -0.58% difference versus that group of stocks.
Who gains and who loses around State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP)
Companies carried with this story
- XOP State Street Spdr S&P Oil & Gas Exploration & Production Etf
For “What goes into diesel prices?,” State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) is linked, with no stored direction, high confidence. Reason on file: Oil-supply or crude-price developments can transmit through WTI/Brent proxies and energy producer earnings expectations
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, high confidence in the 18 Sep 2026 story “What goes into diesel prices?.” Reason on file: Oil-supply or crude-price developments can transmit through WTI/Brent proxies and energy producer earnings expectations
- BNO United States Brent Oil Fund
For “What goes into diesel prices?,” United States Brent Oil Fund (BNO) is linked, with no stored direction, high confidence. Reason on file: Oil-supply or crude-price developments can transmit through WTI/Brent proxies and energy producer earnings expectations
- XLE Select Sector Spdr Tr
In “What goes into diesel prices?,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, high confidence. Reason on file: Oil-supply or crude-price developments can transmit through WTI/Brent proxies and energy producer earnings expectations
- UGA United States Gasoline Fund
In “What goes into diesel prices?,” United States Gasoline Fund (UGA) is linked, with no stored direction, medium confidence. Reason on file: Higher fuel and transport costs can propagate into commodity inputs, consumer margins, credit conditions, and interest-rate expectations
- GSG iShares S&P GSCI Commodity-Indexed Trust
For “What goes into diesel prices?,” iShares S&P GSCI Commodity-Indexed Trust (GSG) is linked, with no stored direction, medium confidence. Reason on file: Higher fuel and transport costs can propagate into commodity inputs, consumer margins, credit conditions, and interest-rate expectations
- DBA Invesco Db Agriculture Fund
Invesco Db Agriculture Fund (DBA) is linked, with no stored direction, medium confidence in the 18 Sep 2026 story “What goes into diesel prices?.” Reason on file: Higher fuel and transport costs can propagate into commodity inputs, consumer margins, credit conditions, and interest-rate expectations
- MOO Vaneck Etf Trust
For “What goes into diesel prices?,” Vaneck Etf Trust (MOO) is linked, with no stored direction, medium confidence. Reason on file: Higher fuel and transport costs can propagate into commodity inputs, consumer margins, credit conditions, and interest-rate expectations
How “What goes into diesel prices?” reaches State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP)
“What goes into diesel prices?” (18 Sep 2026) reaches State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) through Energy.
What ties State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) to the headline is this: Oil-supply or crude-price developments can transmit through WTI/Brent proxies and energy producer earnings expectations
Also listed, United States Oil Fund (USO): Oil-supply or crude-price developments can transmit through WTI/Brent proxies and energy producer earnings expectations
Dates in the story, and the State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) price range
BNO traded between 57.39 and 67.79 across 20 sessions. The latest close on file is 67.10. USO traded between 141.82 and 162.99 across 20 sessions. The latest close on file is 160.80. XLE traded between 60.95 and 68.51 across 20 sessions. The latest close on file is 67.80.
How solid the energy case looks
46 out of 100
“What goes into diesel prices?” scores 46 out of 100. The score uses 1 sources, and 19 linked companies.