If Friday’s price action clarified anything, it was the growing influence of the distillate markets, Gasoil in particular, over rest of the petro complex. This is a theme that I have been frequently highlighting since January. Expect Gasoil and ULSD to continue dictating the direction of the petro complex for the balance of 2025. Separately, our attention has shifted to the September contracts for HH NatGas, RBOB, and ULSD.
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