The benchmark diesel price rose for the fifth time in six weeks, hitting $3.758/gallon. Diesel market fundamentals are driving oil market attention. Brent crude rose 7% since June, while ultra-low sulfur diesel climbed 16.9%. OPEC+ continues to increase output, unwinding cutbacks sooner than expected. S&P Global reports a 600,000 b/d OPEC+ output increase in June.

Tight diesel inventories are pushing prices higher relative to crude. ULSD was 53 cents per gallon above Brent on June 2, now exceeding 70 cents. Factors like OPEC cuts, Russian sanctions, and shipping emission rules are tightening diesel supply. Conflict between Iran and Israel also impacts the diesel market by increasing demand.

Overall, ULSD inventories in the US are tight for this time of year. Various factors like OPEC cuts, shipping emission rules, and the Iran-Israel conflict are tightening diesel supply. ULSD inventories are significantly lower than usual for this time of year.

Read more at Yahoo Finance: Diesel benchmark moves up slightly but in a market with increasingly bullish factors