Retail prices for diesel

•Volatility in global benchmark crude oil prices. Russia´s conflict with Ukraine has created instability in global crude oil prices

•A partial decoupling of inland crude oil prices used as key feedstocks in some U.S. refineries (such as WTI-Cushing, WTI-Midland and Western Canada Select) in comparison to waterborne crudes

•Greater competition of export markets for U.S. diesel, as diesel exports from the U.S. have generally increased over the past decade

•Seasonal fluctuations in diesel demand

•Regional variability, driven by factors such as fuel taxes and local refining and midstream infrastructure capacity