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Record highs for US heating oil prices have drawn a wave of FSU gasoil transatlantic over the past few weeks.
Reduced supplies from Venezuela and extremely cold weather in the northeast US have sent Nymex heating oil futures soaring over the past few weeks, reaching a two-decade high of just over $1.11/USG on 7 February.
The differential between fob gasoil prices at the Latvian port of Ventspils and delivered values in New York Harbor has risen to between $30-40/t. And with the most expensive transatlantic freight pegged at around $20.50/t, sellers are profiting from healthy export margins.
Around 500,000t of Russian gasoil-mainly 0.2pc-sulphur …