In our latest distillate market commentary:
> ​Missing Russian barrels in recent weeks have increased demand for spot arbs into Lat Am and African destinations
> Outright price volatility has filtered through to distillate market volatility, but so far the net result has been mildly bearish distillates with gasoil cracks and spreads dipping
> Arbs into Europe remain very firmly closed, but opportunities have opened into WAF as Russian shortages are felt and lower backwardation opens up longer journeys
> Bearish macroeconomic sentiment, returning Russian seaborne flows, and a lack of European import demand should see the gasoil complex continue to soften through the coming weeks
