Heat Crack Ignites as Dollar Sinks
Markets were jolted today by two contrasting macro signals: the heating oil crack surged to 34.13—its highest level in over a year—while the U.S. Dollar Index slid sharply to 96.72, breaking below key multi-year support. This combination signals robust middle distillate demand amid declining refinery yields, at a time when dollar weakness is likely to lift all commodity-linked trade flows, including vegetable oils and biofuels.
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