Long Q3 3.5% barge crack
We recommended this trade on Apr 15 upon noting increased buyside flow from physical players in Q3’24, Q4’24 and Q1’25. As per our expectations, this trade hit both the initial target of -$9.80/bbl the following day and the final target of -$8.80/bbl on Apr 19. We now recommend to close positions and take profit. While the Q3 HSFO barge crack rallied past -$8.80/bbl due to significant buying from trade houses over the past week, we will not be continuing with this trade due to the rising uncertainty surrounding the tensions in the Middle East.
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