In our latest distillate market commentary:
> South Korean arbs best into Singapore whilst East of Suez arbs best into Europe
> ICE GO spreads and cracks have experienced a rally in the last 2.5 weeks due in part to depleted ARA stocks
> December's Singapore regrade has soared from -$1.70, in late October, to +$0.70 /bbl currently
> European gasoil strength is short term in nature, this should reverse as we move into Q1 2024
> US HO strength should be expected to continue into Q1 2024
