Gasoline arbs on the NW Europe and Med to USAC routes have closed over the past week, brought about by a sharp jump in the price of gasoline on the USAC. US gasoline demand has proven robust, despite higher prices, but the sharp jump in crude oil prices led to refiners hiking prices.
Interestingly, the price of ULSD in the Med has jumped sharply in response to the shut-off of Russian diesel exports and escalation in the Middle East, prising the Med - USG arb wide open. For now, the NWE - USG arb remains closed, however.
The South Korea - USWC arb remains open, but the Med - Japan arb remains closed.