U.S. License Allows Russian Diesel Trade as Hyperliquid Whale Shorts Diesel

The U.S. Treasury’s Office of Foreign Assets Control issued a license Oct. 9 allowing sales, deliveries and imports involving Russian-origin diesel through April 7, 2027, while a Hyperliquid whale positioned for diesel to weaken against crude.

The trader held a 10x isolated-margin short of 252,714 diesel contracts worth about $1.14 million, with an unrealized gain of roughly $11,600. The position’s estimated liquidation price was $5.0275 per gallon. The trader also held an existing 20x cross-margin long of 11,400.798 WTI crude contracts worth about $1.03 million, showing an unrealized gain of about $3,095.

The whale added 232,034 diesel short contracts, worth about $1.06 million, while no same-period trade was recorded in the crude long. The combined position indicates a trade on the diesel premium narrowing against crude, rather than a standalone bet on either contract.

The reference spread fell from about $109.07 per barrel 24 hours earlier to $99.35. Diesel traded at $4.5235 per gallon, down about 4.57% over 24 hours, while WTI stood at $90.64 per barrel, up about 0.70%.

The license runs through April 7, 2027, but Russia has not confirmed a specific supply volume or delivery schedule.