In our latest distillate market commentary:
> AG/WCI arbs still point West but less so than previous weeks
> Opening of E10 blending margin, coupled with rising gas-nap prices, likely to boost reformate and high-octane component premiums
> The Purchasing Managers Index for the US suggests there may be a recovery in diesel demand there in the medium term
> GO E/W to continue to narrow and HOGO to continue to widen
