As the war in the Middle East rages on, we are fast approaching the winter season and CPP prices are being more significantly impacted.
In Europe, gasoline prices have soared on tight supply, particularly without access to Middle Eastern output, thus swiftly and sharply reversing arbitrages across the Atlantic.
Meanwhile, diesel prices in the US have hit record highs, yet European prices remain higher, thus ensuring that the transatlantic arbs remain open.
And, although it appears that more oil is exiting the Arabian Gulf than initially reported, this is almost exclusively crude oil.