In our latest distillate market commentary:
> WCI arbs (and some AG arbs) continue to point East rather than West
> A flattening and probable floor to be found in global diesel cracks and spreads
> Jet shows some signs of recovery, increasing spreads and diffs, as European jet arrivals start to decrease
> China issues second 2024 Batch of Fuel-Export Quotas this week
> US and EU diesel positions were sold off over the last week, whilst overall positioning has become very bearish on US & European diesel
> Continuing poor diesel demand on the back of a sluggish global economy and bio substitution
> We hold a cautiously bullish view on both global diesel and jet moving forward
