US Diesel Futures Drop 4% After Report of 90-Day Export Ban Plan; White House Denies

US ultra-low-sulfur diesel futures fell 4% on September 23, 2026, after Politico reported the White House was preparing a 90-day diesel export ban. The Trump Administration denied the report, with a White House official calling it incorrect. The October contract traded at $4.7437 a gallon after earlier dropping more than 6%. Average US diesel prices are near record highs at $6.52 a gallon, according to AAA, straining farming and transportation sectors. US diesel inventories have fallen below 97 million barrels, about 13% under the five-year seasonal average. President Trump backed an export ban on September 22 as Republican candidates in tight November races pushed for the measure. Energy Secretary Chris Wright said a ban would not work and could raise gasoline and jet fuel prices. He said the administration is working with refiners on a voluntary, cooperative plan to boost supply, with no decisions made. Analysts warned a ban would cut refinery runs and reduce supplies of other fuels.