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Gasoil Spreads Pull Back from Highest Since March


Gasoil backwardation continues to soften slightly as near term time spreads pull back from the highest since March seen yesterday.

  • The Gasoil Jul-Aug spread has eased back from a high of 19.75$/mt yesterday to 13.75$/mt but is still well above levels around 1$/mt at the start of the month.
  • The Dec23-Dec24 spread is also trading lower today back from a high of 28.25$/mt on 16 June to 21.25$/mt.
  • Reduced global diesel availability due to refinery maintenance in Asia and Russia has supported prices but “cracks cannot continue improving in a low-demand environment” according to FGE last week.
  • “Globally, there is pressure around the corner as soon as refiners come back from maintenance”, FGE added.
  • Russian refinery maintenance shows signs of coming to an end with crude-processing volumes in the week to 14 June at their highest levels in nine weeks according to Bloomberg.
    • Gasoil JUL 23 down -2.6% at 712.5$/mt
    • Gasoil JUL 23-AUG 23 down -3.25$/mt at 13.75$/mt
    • Gasoil DEC 23-DEC 24 down -4.5$/mt at 21.25$/mt
    • EU Gasoil-Brent down -0.9$/bbl at 18.85$/bbl

Source: Bloomberg

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