ICE Gasoil Breaks Lower as Biodiesel Spreads Flare
A sharp 2.5% drop in ICE gasoil today pushed BOGO nearly a full standard deviation higher to +481, underscoring renewed strain on biodiesel economics. The sell-off comes as oil majors and trading houses attempt to manage a temporary surplus of crude while refining margins remain historically high. According to executives from Vitol, Trafigura, and Gunvor, the current oversupply could persist into early 2026 before natural decline rates tighten the market again—leaving traders forced to clear excess crude through the diesel pool even as Asian middle-distillate cracks remain robust.
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