Low ULSD inventory in US/Europe but also low demand, AG ULSD arbs continue to point West

In our latest gasoline market commentary:

> European strength/tightness continues to pull AGULSD arbs​​​​​

> ICE GO and jet spreads exhibit considerable gains this week; Yasref (Red Sea) and European refinery outages key

> US, European, and Chinese ULSD demand flagging on the back of recessionary worries whilst Indian and Brazilian ULSD demand booms.

> Atlantic basin (US and Europe) ULSD tightness must continue to try and force the E/W spread wider, to continue the arrival of Red Sea/AG/WCI arbs