Spot product prices slid across the board in the week to June 24 as supplies swelled amid lackluster demand and the futures complex weakened on plans for a strategic petroleum reserve (SPR) release. Gasoil cracks weakened through the period amid concerns that slowing economic growth in the region would curb consumption, with cracks settling at a near-five-month low on Friday after Japan and South Korea said they would release over 11MM bbl of crude and oil products as part of the IEA's coordinated SPR release.
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