MORGAN STANLEY: DIESEL MARKET STAYS TIGHT Morgan Stanley says Europe’s record-high diesel refining margins are being driven by supply disruptions rather than higher crude prices. Refined fuel exports west of the Strait of Hormuz remain well below normal, while more than half of Russia’s refining capacity is offline and diesel exports are restricted. The bank expects European diesel inventories to fall to multi-year lows by year-end but warns the rally is now largely priced in, making prompt prices expensive.(*Walter Bloomberg)