Wed 7Nov2018: ICE Gasoil jumps to $699 as Nov/Apr backwardation explodes to $29.25/mt. HO cracks also exploded on the higher side to $32.23/Brl while gasoline cracks were unchanged. EU situation on RME has gone out of control with spot premium now at +$662/mt while Q4 printing +585. FAME premium still showing no signs of follow through with Q1 at +150 and Q2 at +165. Argentinian made a strong presentation to EU commission on taking any additional measures on Biodiesel imports after last Sept de-registration – the commission is supposed to make a final ruling by end of Nov. On the US side, margin improved slightly together with HO values as Bean oil having a hard time to recover – Brazil is now considering an export tax regime like Argentina. OPEC now organising a timely meeting just after mid-terms to realign production – it would seem that coast is now clear for Brent to return to $80.

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