In our latest distillate market commentary:
> AG/WCI diesel arbs point increasingly East whilst USGC arbs remain open to Europe, particularly to the MED
> Both the HOGO (pointing USGC arbs to Europe) and GO E/W (pointing Middle Eastern arbs to East) continue to narrow
> A major European refiner announces "we are implementing measures to mitigate the reduction of refining margins”
> There is more short-term pain to come but getting long for some medium-term uplift feels like a good trade
