Big drop in Gasoil backwardation Mar/Sep in the last 10 days while BOGO for carrying charges/contango deepening as Mar showing +135 while August is +224. FAME is trading spot in Northwest Europe at +245 which is fairly strong with a +$67/mt backwardation to Q3. Despite the backwardation, gasoil crack margin (Heat crack) remains very healthy but not as great as a few weeks ago dropping $10/brl from $47/brl. All eyes are on the South American crop as post-Carnaval premium rebound to -650 for mar taking shorts by surprise but it is still early and this very large crop will have a long tail with beginning stocks of almost 100 Mil MT in Brazil.
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