Gasoil down $3.25/MT in Asia but still remains relatively flat @ 496 with Mar/Jul contango settling at a bit narrower 7.75/mt while Mar/Jun closed at $6/mt as EIA shows a build in crude yet a decline in distillates – despite this inventories of all crude/products remains at a 10 year high! BOGO rose again $15/mt @ +$260/mt which is $40/mt in 2 trading session. FAME premium for Feb showing unchanged +442 but that is mostly on account of liquidity issues as it should be over +450. US Biodiesel RINs recovered to 85.5cpg as market trying to figure out how to price unexecuted EPA and Congressional action. 3:2:1 crack rises dramatically to $15.74 as crude drops but product remains over-priced. Euro weaker at 1.0542. US Dollars index on a tear today 101.83. JPY weaker at 113.52. CNY weaker at 6.882 while CNH (offshore) prints also weaker at 6.876 as China and PBOC trying to decipher US intentions on trade.

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