Soggy global middle distillate fundamentals are seriously undermining Mideast jet fuel and diesel term premiums still being finalized for next year. Abu Dhabi National Oil Co. (Adnoc) opened its negotiations for calendar 2017 volume Monday at a $1.10 per barrel premium for jet and $1.50/bbl premium for ultra low-sulfur diesel (ULSD). Both are down sharply from the $1.70/bbl jet premium and $2.50/bbl diesel premium agreed for 2016 with final prices likely to be even lower.
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