“‘The key driver behind bullish middle distillates is anticipated demand from IMO 2020. However, we believe that the market is overly bullish,’ said Richard Gorry, managing director at JBC Energy Asia.”

“‘We would expect middle distillate cracks to weaken from January onwards. Obviously this is also a major risk for those refiners and others who believe that IMO will be very good for gasoil,’ Gorry said.”