President Trump announces 4.8 million metric tons of Russian diesel
President Trump just announced a new diesel deal with Russia: 4.8 million metric tons headed to global markets.
But here's the catch: that's only enough to cover about 10 days of US demand, and experts point out the US actually exports more diesel than it imports.
The first shipment is 300,000 metric tons, about 2.24 million barrels total, which if spread out over an entire month would equal about 74,500 barrels per day, or about 2% of total US demand, so it's not exactly a huge boost.
Goldman Sachs forecasts $1-$2 diesel dip
With midterm elections coming up and diesel prices still high, there's pressure on Trump to deliver relief.
But analysts aren't convinced this move will make much difference: Goldman Sachs expects only a tiny $1 to $2 dip in prices per barrel, and market reactions have been pretty muted so far.