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Gasoil backwardation strengthens

OIL PRODUCTS

Gasoil time spreads ticking higher from low point reached on Mon Aug 8.

  • Gasoil SEP 22-OCT 22 up 1.75$/mt at 14.25$/mt having traded as low as 5.75$/mt on Monday.
  • Gasoil DEC 22-DEC 23 up 8.75$/mt at 119.5$/mt up from 70$/mt on Monday.
  • Supply is still tight and EU stocks of Gasoil are well below normal. The high EU gas prices are potentially increasing the gas to oil switching and adding to the upside pressure. The ongoing drought in Europe is also putting pressure on diesel markets with low levels on the Rhine potentially impacting refining output and lower nuclear output impacting power generation.
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