US diesel stockpiles are the lowest on record for the season, with refineries already past nameplate
Bloomberg reported on September 4, 2026 that US fuel prices rose after Labor Day rather than easing, with diesel at a record $5.85 a gallon and gasoline at $4.15, the highest September price on record. The supply picture is the substance: diesel stockpiles are at their lowest seasonal level on record, Midwest refineries are running above 103 percent of listed capacity, refining margins are near record highs and Goldman Sachs has raised its fourth quarter margin forecast. Bloomberg ties the squeeze to reduced flows through the Strait of Hormuz and to Russia's lost refining capacity, and notes that it is now more expensive to move products on trucks, that food costs are poised to rise further, and that traders price roughly even odds of a Federal Reserve rate increase in mid September.
- $5.85 US Diesel, Per Gallon
- 103%+ Midwest Refinery Utilisation
- Record Low Seasonal Diesel Stockpiles
Availability, not only price, is the risk a fleet operator should plan for. Record low seasonal stockpiles with refineries already past nameplate make regional supply disruptions plausible into harvest and heating season, so fuel purchasing, bulk storage and fuel card suppliers have a resilience conversation to offer, not only a price one. The quarter's transport budget is being written against a moving number, with margins forecast to widen into the fourth quarter, and the only lever the buyer owns is operational: cost per stop and cost per mile. Consumer wallets and freight budgets tighten together, so the same quarter carries higher delivery cost and more price sensitive demand, which is where delivery fee design, promise tiers and order consolidation come in.