In our latest gasoline market commentary:
> Arbs open into Europe only at the very front. 2024 West Coast India diesel loaders point East
> Whilst the East-West ULSD in 2023 remains wide at +$27.50 /mt in early 2024 the E/W has narrowed to +$18 /mt
> Continuing signs of a sluggish economy in China, India, the Eurozone and US
> The strength in cracks and spreads at the very front will not persist much past the end of 2023; a large part of this strength is due to lack of winter diesel and German refinery issues
