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ICE Brent moved closer to $65/bbl as the ICE gasoil crack rallied above $38/bbl and the prompt gasoil timespread surged into backwardation. Worries over Russian diesel supply from sanctions and Ukrainian refinery attacks drive the strength, and ICE will ban delivery of diesel produced from Russian oil from January.
Backwardation and a wide gasoil crack signal physical tightness in middle distillates, supporting diesel and crude prices and firm refinery margins.
think.ing.comWarren Patterson, Ewa MantheyNov 19, 2025Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
