Massive Distillate Futures Liquidation after-hours on US Unilateral Cease Fire
The market reversed sharply following the announcement of a two week ceasefire and willingness to engage on Iran’s 10 point proposal. Crude sold off with Brent down about 13% to near $95/bbl, largely in after hours, while ICE gasoil collapsed by roughly 20%, falling from above $1500/mt to $1213/mt. This is a distillate led liquidation. The structure that priced scarcity is being unwound faster than the underlying fundamentals.
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