In our latest distillate market commentary:
> USGC arbs to Europe are closed bar the very front whilst they are challenged by Asian barrels into Latin America
> Diesel cracks and spreads have largely come off but have received some strength from geopolitical issues (Russia and Middle East)
> Ukrainian drone attacks on Russia's 3rd biggest refinery Tuesday (Taneco refinery; 340 kbd) signal increased capability to disrupt refining operations
> ICE GO and HO spreads and cracks to continue their downward trend as we approach H2 2024
