In our latest distillate market commentary:
> Europe has priced itself out of key arb routes, meaning pressure should spread further afield
> Gasoil spreads indicate acute need for prompt storage, particularly in contrast to strong crude structure
> Healthy global supply, relatively anaemic demand defies broader macro picture of a stabilised global economy for now
> HOGO & E/W to come under pressure with export barrels having only limited outlets to markets ex-Europe
