Gasoil has dropped 15% in the last 3 months returning to pre-war levels as spot distillate inventories have grown in face of record refinery margins - still $45/brl Heat crack. FAME in Europe is now trading at BOGO levels. Backwardation has returned in Biodiesel as margins have been crushed by the drop in Diesel. 200 day level on Gasoil is not far away at $746. Level to watch.