BOGO Breaks to $200 as Liquidity Leaves the Market
Nearby BOGO collapsed by $129.30/mt, or 38.5%, to $206.17/mt as August ICE gasoil surged $94.25/mt, or 7.7%, to $1,318.75/mt. August over December gasoil widened by $34.25/mt to $291.25/mt, while August over March reached $383/mt. The US heating-oil crack rose to $99.06/bbl and the broader refining margin reached $71.49/bbl. August soybean oil moved in the opposite direction, falling 1.59 cents/lb, or 2.25%, to 69.17 cents/lb, equal to $1,524.68/mt. December BOGO remained at $463.25/mt and March at $547.73/mt, placing the greatest shortage in immediate diesel supply. The move followed a 7.167-million-barrel crude draw, a 771,000-barrel Cushing draw and a 5.057-million-barrel SPR release to 307.65 million barrels, despite a 1.062-million-barrel distillate build.
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