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Oilshare keeps ascending...RVOs better no disappoint!

No news is good news, oilshare keeps moving higher to 0.48 while Biodiesel screen crush gets pummeled lower. Would be careful here as oilshare has left a significant gap btw 41 and 42%. Another significant phenomenon is the fact that gasoil in Northwest Europe still shows a $40/mt backwardation to April23 while Brent is now showing a small contango (-0.25/brl) also to April. Consequence of such is obvious but generally crack margins are still headed lower albeit from stratospheric levels especially on diesel. Brent is mostly unchanged. Europe fails again to agree on price cap as Dec 5 approaches quickly.

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