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European diesel futures spreads showed oversupply, with the three-month contango at its widest since August 2021. The May gasoil contract moved from backwardation into contango, reflecting sluggish demand.
Oversupply and contango in European diesel point to weaker fuel prices and reduced pressure on energy-linked feed and freight costs.
globalbankingandfinance.comUma RajagopalApr 23, 2024Not 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.
