Gas Oil 1 year $/TonneMonday 18 September, 2017

The fundamentals for kero and diesels remain robust with Hurricane Harvey helping to rebalance the distillate market. Total distillate stocks have now fallen to the five year average and demand growth remains robust at 10 per cent year on year. As a result we believe the risks remain to the upside and continue to see upside pressure on the resistance level for ICE Gas Oil at $530/t.

Gasoline 1 year $/TonneMonday 18 September, 2017

The fundamentals for gasoline remain supportive with stocks falling and demand rising. However the pressure has eased due to the fact the US driving season has ended and US refineries are restarting which should increase supply. Our models indicate further near term consolidation but the long term risks are to the upside.

Crude 1 year $/TonneMonday 18 September, 2017

The fundamentals for crude weakened further last week with stocks rising and demand falling. As a result the "days covered" increased by 0.6 days to 23.80 days. Despite the weakness in the US fundamentals the price of crude has trended higher. This is due to the strong global fundamentals and the continued weakness in the US Dollar.

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