The SHORT TERM diesel outlook becomes more bearish, as jet starts to find a floor!
Commentary summary:
• US diesel builds lead to a close to open USGC TA diesel arb whilst AG/WCI diesel arbs are equal in terms of NWE versus East.
• Global diesel spreads and cracks largely decline over the past week.
• President Trump announces a 25% tariff on India starting August 1st. The effect on petroleum products (including Indian diesel and jet exports) remains unclear.
• It’s hard not to stay short term bearish on diesel whilst jet should be finding a floor soon.
James Noel-Beswick is Commodity Owner for Sparta. Before joining Sparta, James worked as an analyst for likes of BP and Shell and leads our continued development of the distillate product vertical.
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