In our latest market commentary:
> Gasoline: Oil market flexibility prevailed despite initial disruptions. AG's importance grew, threatening ARA in particular. Winter now impacting Atlantic Basin, with maintenance scheduled signalling attention for Q1 inventory
> Distillate: OECD Europe saw diesel demand drop due to economic challenges. Russian sanctions affected global gasoil markets. 2024 shifts will include new Middle Eastern supply coming online which will primarily target Western markets, higher than normal refinery turnarounds in Q1 in the US, EU & ME and potential OECD diesel demand recovery
> Naphtha: Russian sanctions reshaped naphtha trade and prices on 2023. New year starts with a different picture from the arbs perspective with AG lower supply and Red Sea tensions. Expect continued market pressures and wide Gas-Nap margins for Q1
