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ICE Brent crude price topped 86 $/b before this weekend, with Asian gasoil prices reaching 100 $/b at the prompt, due to a continued rally in diesel and jet cracks. Singapore inventories continued to show depleting diesel stockpiles (-1 mb last week, close to pre-GFC lows), as China exports at a subdued level (below 200 kb/d). Still, in India, Gasoil demand appeared to be declining for the first 15 days of January, at 1.2 mb/d. Indeed, with the resurgence of COVID, trucking activity declined by 10% pts from December to 75%.
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