Geopolitics Jolts Gasoil, But Biofuels Markets Stay Grounded
Markets were jolted overnight by the start of open conflict between Israel and Iran. Gasoil surged sharply, with ICE gasoil jumping more than one full standard deviation to $688/mt. As expected, BOGO moved lower in parallel, dropping to +378. While it is difficult to predict where markets will go from here, history suggests strong gasoil tends to underpin biodiesel demand, particularly in Europe where diesel demand remains structurally strong.
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