Ready for a Quiet Weekend? Distillate Curves Relax as Hormuz and FX Risk Build
August heating oil expired with a spread of less than 3 cents/gal over September, while September/October held near +13.54 cents/gal. ICE gasoil repeated the pattern. August/September closed at +$71/mt and August/December at +$252.75/mt, down 12.47% on the day from the recent +$288/mt high. The front end lost heat, yet the structure remains severe. August gasoil settled near $1,270/mt versus December near $1,018/mt, the heat crack stood at $88.48/bbl and the 3:2:1 crack at $63.13/bbl. This looks like expiry compression, not a repaired distillate balance. Gasoil still sitting way above 20 day wdma.
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