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European Gasoil Markets Ease Back From Recent Highs


European diesel markets are easing back from highs seen yesterday after rallying this month to the highest since March driven by refinery supply issues and supported by low inventories.

  • The European Gasoil-Brent spread had risen from a low of about 13.5$/bbl in late April up to a high of 27.9$/bbl yesterday.
  • Energy Aspects expect the European diesel crack to stay elevated with a lack of supply as Gasoil backwardation prevents a meaningful inventory build and with slowing imports due to key supplier maintenance and with an increase in seasonal US demand.
  • ARA Gasoil stocks were last week reported at nearly 16 % below the five year average.
    • Gasoil AUG 23 down -1.9% at 808$/mt
    • Gasoil AUG 23-SEP 23 down -1.25$/mt at 6.5$/mt
    • Gasoil DEC 23-DEC 24 down -6.75$/mt at 48.75$/mt
    • EU Gasoil-Brent down -0.8$/bbl at 24.54$/bbl
    • US ULSD crack down -0.8$/bbl at 36.62$/bbl

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