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Russia lifted its ban on diesel exports. European diesel futures spreads collapsed on the news, and the 6-month backwardation fell nearly 30% to $80.50 a metric ton.
Restored Russian diesel exports ease the tight supply that backwardation signals, which weighs on diesel prices and reduces the cost pressure on feed logistics and transport.
reuters.comNatalia Chumakova, Ahmad Ghaddar, Trixie YapOct 6, 2023After 21 past bearish policy events, ULSD / Diesel moved a median -2.4% over 5 sessions (38% higher; middle half -6.5% to +4.7%), and -1.1% over 20.
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.
