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Diesel Market Softening

OIL PRODUCTS

Diesel Cracks have dropped sharply during US trading hours, reversing the gains earlier in the day. The news that US sanctions on Venezuelan oil are providing downside across the oil complex.

  • Tight supply ahead of the winter heating season continue to provide some upside to the market.
  • However, Russia’s Deputy PM Novak has ordered domestic refiners to raise winter diesel output to ensure domestic demand is met after he met with them Monday.
  • US ULSD crack down -1.1$/bbl at 46.1$/bbl
  • Gasoil NOV 23 down -0.9% at 918.75$/mt
  • ULSD NOV 23 down -1.3% at 3.17$/gal
  • Gasoil NOV 23-DEC 23 down -3.75$/mt at 29.25$/mt
  • Gasoil DEC 23-DEC 24 down -6.5$/mt at 90$/mt
  • EU Gasoil-Brent down -0.5$/bbl at 29.4$/bbl

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