Strength exhibited in the global distillate market, all markets move into backwardation

In our latest distillate market commentary:

> AG/WCI ULSD arbs continue to point at Singapore

> GO, HO and Singapore Spreads make significant moves into backwardation over the past week, with similar moves in their respective cracks

> Cyclone Biparjoy threatens significant delays to WCI ULSD loadings

> We continue to expect AG/WCI arbs to turn back & point to Europe in the short to medium term