Arbs remain closed for diesel and jet into Europe, the current bullish trend looks set to continue for both

Commentary summary:

• All major diesel and jet arbs closed to Europe.

• All global diesel and jet spreads and cracks gain over the past week. Particularly in the East and especially for jet.

• El Segundo refinery which provides 40% of the jet supply to Southern California and therefore to Los Angeles airport (10th largest in the world by passenger numbers) continues to lend strength to global jet.

• We maintain a bullish view, particularly on Western middle distillates.

• We could see an argument for a widening GO E/W. (The view on the HOGO feels less clear as there are bullish arguments for both GO and HO).

Neil Crosby is an experienced energy market and commodity analyst, specialising in crude oil, oil products, biofuels, and carbon. With roles at OilX and JBC Energy, he has extensive expertise in global oil industry analysis, forecasting tools, bespoke research, and client communication. His focus on refining and petrochemicals underscores his specialisation.