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December Review

This week, we look at trades in Gasoline and Middle Distillate swaps
Published: January 5, 2026
9 page report
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Gasoline cracks have reversed lower towards the end of 2025 as prices retreated from counter-seasonal highs. While summer cracks remain at seasonal highs in January, there is ample room for a rally if the market tightens in the coming months, as previous years' cracks have trended higher.

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