All arbs including USGC and AG/WCI point to Europe as regional refinery issues continue to take their toll

In our latest distillate market commentary:

> Red Sea, AG, WCI arbs firmly point to Europe with even USGC arbs close to being open 

> Med ULSD prices show strong gains on back of regional refinery issues 

> Pressure to export weighs heavily on USGC ULSD diffs 

> Crude positions less bearish as Saudi Arabia extends its cuts for at least another month 

> Reduced Chinese gasoil demand results in increased exports to Singapore 

> Europe remains the least worst option for global diesel length