Diesel Cracks Blow Out to $106/Brl
September opened with the market moving in the direction we have been expecting. Diesel is now doing the heavy lifting. Front ICE gasoil traded near $1,435/mt, up roughly 6.5%, while September/December backwardation widened to about $208/mt and September/January to roughly $257/mt. US heating oil moved above $4.66/gal, putting the simple heating oil crack near $106/bbl. Crude is higher as Middle East tensions return, but diesel is outperforming crude materially. This is no longer a crude oil rally dragging products behind it. The prompt distillate barrel itself is becoming increasingly expensive.
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