Distillate: Surge in European gasoil

摘要

Gasoil barge flat prices across Northwest Europe hit nine-month highs Monday, buoyed by Chinese economic data, bullish sentiment across global stock markets and US dollar weakness, sources said. China's Purchasing Manager's index [PMI], a closely watched indicator in the world's third-largest economy, rose to 52.8 last month, the highest since July 2008, when it stood at 53.3. However, the surge in NWE gasoil barge flat prices, up 67% from March lows, masks a fundamentally weak market suffering from poor demand and ample supply. "There is so much product around," a trader said.