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Prompt Gasoil Spread Trades Negative

OIL PRODUCTS

ICE Gasoil prompt spread turns negative with an easing of the tight supplies helped by the return of refineries from maintenance and outages, a slower than expected decline in Russian supplies and a warm start to the winter heating season.

  • The prompt spread has fallen from a peak of nearly 150$/mt when concern for supplies was driven by high refinery outages due to maintenance and French worker strikes as well as the uncertainty over ability for Europe to replace Russian oil imports.
  • The longer term spreads are also trending lower with Dec22-Dec23 down from a high of 218$/mt on Nov 3 to around 90$/mt and Dec23-Dec24 down from 72$/mt to 40$/mt in the same period.


Source: Bloomberg

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