Large US distillate exports to EU causing tigher stocks in US. The main global issue with distillate is China demand. Lower refining margins in Asia also pushing China to continue to export diesel. UK and EU imports of diesel/gasoil (Kpler)have already reached 1.4 Mil bpd while the whole of last month was 992K bpd. Close to 29 vessels still in transit from USA. Biodiesel values bounced a bit higher but still FAME trading at $160 premium to BOGO. US Soybean crop noise is that it is getting bigger at 4529 Bil Bush (169 mil MT) so we can expect further pressure on Soycomplex in Sep ahead of SouthAm plantings.
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