In our latest gasoline market commentary:
> European tightness keeps E/W negative, asking EoS to step up supply in the months ahead
> EBOB cracks and spreads are at historical highs for the time of year despite forecast relatively light maintenance period ahead
> With the European distillate market also at near-record highs, a refining fleet which has been stripped back in recent years will be asked to run hard through the winter once again – with risks of failures mounting as aging infrastructure threatens to creak and break
> The rapid strengthening of the European screen has done nothing to displace ARA as the supplier of choice into Lat Am, with the discrepancy between ARA and USGC physical and paper pricing set to require a turnaround in the TA spread
