Over the past week, there has been significant downward pressure on 3.5% barge cracks, particularly evident in the prompt months which have experienced substantial sell-offs. Notably, the May, June, and July contracts reached lows of -$13.68/bbl, -$12.34/bbl, and -$11.44/bbl, respectively. This trend has extended into Q3, attributed to trade houses divesting prompt month positions. While European trade houses initially expressed interest in exiting long positions in March, recent activity indicates increased buy-side flow from physical players in Q3, Q4, and Q1’25.
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