Why distillate structure can diverge from crude
Refinery availability, inventories and product specifications can matter more than the direction of crude prices.
Distillate markets do not always move in step with crude. Refinery maintenance, unplanned outages, seasonal demand and regional inventory can change the value of diesel, gasoil and jet fuel independently of the underlying barrel.
Product details matter
Sulfur limits, cold-flow properties, blending suitability and delivery location can affect whether a cargo meets a buyer's needs. A broad product benchmark may therefore provide only part of the commercial picture.
A structure-led view
Prompt spreads, refining margins, regional differentials and freight can help identify where supply is tight or where arbitrage may be possible. Any live conclusion requires current assessments and verified operating data.
This commentary is provided for general information only and does not constitute an offer, solicitation, or recommendation to buy or sell any commodity or financial instrument.