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Gasoil Pulls Back After Recent Rally on Tight Supply Concern

DIESEL

Gasoil markets are easing back slightly as crude markets decline after a strong rally over the last week on concern for diesel supplies.

  • Gasoil time spreads are following the move with softer prompt and longer dated spreads. The Mar-Apr spread yesterday reached the highest since October when strike action last impacted French refinery output.
  • Prices are still supported by upcoming French refinery strikes adding to tight market concerns ahead of the EU ban on Russian oil product to keep the curve in strong backwardation.
    • Gasoil FEB 23 down -1.6% at 996.5$/mt
    • Gasoil FEB 23-MAR 23 down -1.75$/mt at 25.5$/mt
    • Gasoil MAR 23-APR 23 down -2.75$/mt at 43.25$/mt
    • Gasoil JUN 23-DEC 23 down -3.5$/mt at 43.5$/mt
    • Gasoil DEC 23-DEC 24 down -1$/mt at 65.25$/mt
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