In our latest distillate market commentary:
> USGC (and USAC) arbs open to Europe whilst AG and WCI arbs turn back to Europe despite Cape routing
> HOGO continues to narrow whilst the GO E/W reverses and widens again
> US and Middle Eastern turnarounds largely come to an end whilst Europe is in the middle of its own maintenance period
> Ukrainian drone attacks have significantly impeded Russian crude runs with implications for its diesel supplies to Latin America (and Africa)
> A moderately bullish view on Atlantic Basin diesel holds whilst global jet continues to struggle
