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The rally in the diesel market is finally materializing as European distillate cracks rose strongly this week, reaching 14 $/b for ICE Gasoil cracks – despite a timid rise in ARA distillate stocks – mimicking Asian distillate markets, as Singapore stocks hit new lows yesterday, down by 1 mb w/w. This need to resupply the Asian and European diesel markets sparked a rally in physical crude prices amid improving margins. Sokol, a distillate rich crude delivered to Asia, rallied above 5$ above Dubai. North Sea crude differentials to Dated brent are rallying strongly, even for Forties crude, a heavier stream. ICE Brent contracts for March delivery are now hovering around 85 $/b. Finally, Heating oil markets in the US are also hitting yearly highs, with the Heating oil crack (against WTI) hitting 28 $/b.
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