Gasoil Backwardation Crumbles as Biofuels Markets Navigate Policy Minefield
The energy markets are experiencing notable shifts as ICE gasoil expired today with a nearly $13/mt premium to futures, while April/July backwardation dropped almost 20% to $13. This decline comes despite screen heat crack margin remaining relatively significant at just below $25/brl, though this represents a $5/brl decrease from February levels. The technical indicators for gasoil appear bearish, suggesting potential further downside ahead.
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