# [FLASH] US mulls diesel export ban, Goldman models major price dislocations

*Monday, September 28, 2026 at 11:20 AM UTC — Hamer Intelligence Services Desk*

**Detected**: 2026-09-28T11:20:47.083Z (2h ago)
**Tags**: MARKET, ENERGY, Refined products, Policy risk, United States, Europe
**Sources**: OSINT
**Permalink**: https://hamerintel.com/data/alerts/24365.md
**Source**: https://hamerintel.com/summaries

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**Summary**: Goldman Sachs is modeling the impact of a potential US diesel export ban, showing sharp divergences between US diesel and gasoline prices and a steep rise in European diesel costs. Even as a scenario, this raises the probability of policy action that could materially move refined product markets and crack spreads.

## Detail

1) What happened:
An internal Goldman Sachs note [51] is circulating that models the effects of a possible US diesel export ban. While not yet policy, the fact that a major dealer is publicly quantifying such a move suggests the risk is being seriously considered in Washington amid tight domestic distillate markets and politically sensitive fuel prices.

2) Supply/demand impact (quantified):
According to the modeling:
– US diesel prices would initially drop about $0.25/gal per week of a ban, as export outlets are shut and product backs up domestically.
– However, because diesel and gasoline are co-produced, refinery optimization has limits; as diesel stocks fill, refineries would be forced to cut overall runs, tightening gasoline supply. Goldman estimates US gasoline prices could rise by about $0.30/gal once storage constraints bite.
– European wholesale diesel prices are modeled to rise by roughly $3/bbl per week (~2%), reflecting the loss of roughly 1 mb/d of US refined product exports (diesel/gasoil and related middle distillates) that are critical to Atlantic Basin balances.
SPR releases might partially blunt the crude-side effect but do not directly resolve refined product imbalances.

3) Affected assets and direction:
– US diesel futures (ULSD), Gulf Coast and Atlantic Coast diesel cracks: Initially bearish locally, then supportive for overall refining margins as gasoline tightens.
– European diesel/gasoil futures (ICE gasoil), Northwest Europe cracks: Clearly bullish; expect steeper backwardation and higher cracks vs Brent.
– Brent/WTI: Net bullish, as global refining runs adjust; WTI might underperform initially if domestic product backs up.
– US gasoline RBOB: Bullish once refinery runs are cut.
– Tanker rates (clean product carriers) and European utility fuel-switch dynamics could also see upside volatility.

4) Historical precedent:
The US briefly restricted refined product exports in the 1970s, and the 2022-period discussions about gasoline export limits caused significant market repricing even without implementation. Markets will price the risk once it’s on the policy table.

5) Duration of impact:
As long as the export-ban option is credibly in play, refined product markets will embed a policy risk premium. An actual ban, even if temporary (weeks to a few months), would cause rapid price dislocations in the Atlantic Basin and could leave lasting impacts on trade flows and crack spreads.

**AFFECTED ASSETS:** ICE Gasoil, ULSD futures, RBOB Gasoline, Brent Crude, WTI Crude, USGC diesel cracks, Clean product tanker rates, European utility equities