In our latest distillate market commentary:
> Low regional LR2 freight helping Arabian Gulf (AG) barrels challenge into Singapore
> December's E/W has held steady -$18.50/mt since late October
> November's Singapore regrade briefly surpassed parity, this week, for the first time since May 2023
> The number of international air passengers is nearing pre-COVID levels, largely due to China's resurgence. Surprisingly, China's demand has exceeded expectations, particularly towards the end of Summer/Autumn 2023
> November's HOGO, HO cracks and spreads to continue an upward trend in the medium term
