Gasoil has now retraced from its low of $648.50 on week 42 and is now trading at $691. Lower diesel exports from China in Nov at only 400kt are supporting margins although cash margins in Asia for diesel are only $15.5/brl. Demand continues to be an issue across the board forcing OPEC to delay crude output increase by a month. EU and UK diesel/gasoil imports were only 1.28 Mil Bpd which is only slightly above Sept. Nov/Apr backwardation on ICE gasoil is now trading at +$4.5 since Oct29 when it was at -$4. Rather extreme volatility for a questionable demand scenario.
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