A German refiner is reportedly seeing a run on oil and diesel as heat waves and supply constraints cause chaos in Europe's energy market
- A run on oil and diesel is stressing Germany's oil producer amid a heat wave.
- OMV Germany says hoarding and speculative behavior are to blame.
An oil refiner in Germany is reportedly experiencing a mass run on oil and diesel, adding further stress to Europe amid a heat wave and an uncertain energy market.
OMV Germany said Thursday the rush to shore up supply is likely due to a panicked market leading to buyers to hoard, as well as mass speculation.
Europe is currently struggling with a heat wave that's stressing the continent's energy grid, while prices continue to surge due to Russia's invasion of Ukraine. Oil is being used as an alternative source of energy in Europe as Russian flows of natural gas to the continent decline.
And the Rhine river, an essential dispatch for deliveries originating from the North Sea, is dangerously shallow and could be closed completely.
OMV has already stalled fuel loading at two of its storage facilities while a refinery near Munich resumes operations after being closed for maintenance. OMV said that the restrictions at the two storage sites will be lifted on August 15.
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