Spot product prices rose across the barrel in the week to July 1, despite the IEA's oil release, as regional and US stocks fell for some products. The middle distillate markets were fairly quiet as traders were unsure of how the markets would shake out concerning the IEA's release of crude and product stocks. However, ULSD prices largely shrugged off reports that nearly 7.7MM bbl of the 15MM bbl to be released in the region would be diesel, since inventories had been tightening on strengthening summer demand and refineries have already cut output. Also, firm prices in the US have limited the number of arbitrage cargoes arriving in Europe, helping underpin the European market. Jet fuel premiums, which hit a five-week high on Thursday, were supported by rising demand for summer travel. Heating oil prices also rose.
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