There have been swings in global arbitrages this week, perpetuated by the escalation in the Middle East and Russia's ban on diesel exports.
In Europe, the refining margins for gasoline have soared, impacted arbs to the US, while diesel prices have also jumped, resulting in the closure of the USG - NW Europe arb.
With the Strait of Hormuz declared closed again, ex-AG refined product arbs are once again obsolete, while the Med - Japan jet fuel arb remains closed.