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Gasoil finally breaks below 200wma as bank contagion spreads

As feared demand issues in Europe finally push Gasoil 3% lower and below its 200wma. Although we saw a rebound in Bean oil overnight that pushed BOGO higher, we are not seeing any rebound in SouthAm bean oil premium - quite the opposite as it traded at -980 FOB paranagua. Biodiesel premium had also rebounded last night but the curve tells the truth and backwardation in F0 weakened slightly. Next stop for Gasoil according to charts is $600/mt to test support.

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