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Heating Oil crack holds-on above $40/Brl as Gasoil rebounds almost $65/MT vs last week in NWE

Hard to keep everything rationale with a changing war narrative to now the war of the worlds. Gasoil has rebounded solidly in Northwest Europe as Russian have now also put an export volume cap in addition to a transaction price cap set by EU sanctions. Crack margins remain very healthy which should insure steady transformation worldwide and abundant supplies of diesel. On the Biodiesel side, we have seen continued flattening of the curve with BOGO and POGO increasing their contango to October respectively -$27/mt and -$47/mt. RME continues to be the dominant product trading in Europe with continued uncertainty with RED3 and new requirements to register sustainability with UDB starting in April. RME producer margins in Europe remain very healthy through July with current pricing.

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