Diesel Pauses, BOGO Points Lower
The first post-Labor Day session looks like consolidation rather than a change in the energy trend. September ICE gasoil is around $1,434/mt, November Brent near $97/bbl and WTI around $92/bbl, while the heat crack remains close to $99/bbl. Sep/Dec gasoil backwardation is still around $206/mt and Sep/Jan near $250/mt. Hormuz and the Gulf of Aden have not materially improved, while reported attacks have now reached Saudi refining and product infrastructure around Jazan and Abha. The important number for biofuels is BOGO, now around $113/mt after trading near $650-$700/mt earlier this summer. Diesel is pausing, but the structure still says prompt product is scarce.
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