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Prompt Gasoil Spread Remains in Contango

OIL PRODUCTS

The prompt Gasoil time spread continues to decline with current strong supplies resulting in a weak December but market uncertainty is adding to support for contracts into 2023.

  • Near term supplies are healthy as Europe looks for new sources of supply ahead of the EU ban on seaborne Russian products on Feb 5. The diesel supplies from Russia to Europe are still strong at around 600kbpd and accounted for 45% of imports during November 1-24.
  • Supplies are helped by a fall in refinery outages as facilities have returned from maintenance and after French strikes in October. A warm start to winter has also eased European heating demand.
    • Gasoil DEC 22 up 3.8% at 926.25$/mt
    • Gasoil DEC 22-JAN 23 down -2.5$/mt at -6.5$/mt
    • Gasoil JAN 23-FEB 23 up 5.5$/mt at 16.75$/mt
    • Gasoil DEC 22-DEC 23 up 16.25$/mt at 119$/mt
    • Gasoil DEC 23-DEC 24 up 3$/mt at 44.5$/mt
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