This Week Decides the Barrel as Distillate Tightness Meets Rising Caution
The distillate complex continues to dictate direction and the market is now at an inflection point. Singapore 10ppm gasoil is holding at $266.84 per barrel even after a sharp $21.8 per barrel daily correction, following the recent move toward $300 per barrel. The structure remains extremely tight. Naphtha cracks are now at $452 per ton over Brent with a record $143 per ton backwardation between M1 and M2, confirming severe stress across the refined barrel and feedstock chain.
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