Arbitrage windows across key routes are unchanged over the past week, as refined product prices remain at - or close to - record highs. Europe - US gasoline arbs remain closed, as US prices have surged, while the US - Northwest Europe diesel arb remains shut as Europe contends with record diesel prices.
Concerns over diesel and jet fuel supply, particularly in Europe, are expected to drive arbitrage opportunities through Q4, as the war in the Middle East continues with little prospect of an imminent resolution.