Gasoil cracks to Brent have eased back towards early October levels in recent days, with prices sliding to 23.49$/bbl as of last week’s close. The strong premium that built through late October and November – fuelled by new US sanctions on Russia and Ukrainian drone strikes on oil assets – has largely evaporated as traders shift their focus from geopolitical disruptions to a bearish fundamental outlook for next year.
Brent is now trading below 60$/bbl after closing near 66$/bbl on 23 October, the day after the new sanction were announced.

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Pump jack silhouette against a sunset sky with deliberate lens flare and copy space. These jacks can extract between 5 to 40 litres of crude oil and water emulsion at each stroke.
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