Gasoil is the broad category of middle-distillate petroleum products covering heating oil, agricultural diesel, marine gas oil (MGO), and the base material for road-grade diesel (EN590). It is one of the most actively traded petroleum products globally, with the ICE Gasoil futures contract serving as the primary European pricing benchmark.
D2 is the Russian GOST-specification gasoil (GOST 305-82), widely traded from Black Sea and Baltic export terminals. D2 commands pricing close to international gasoil but may be discounted relative to EN590 due to specification differences, particularly sulphur content (D2 typically 0.2% vs EN590's 10ppm maximum).
Key Gasoil / D2 Price Drivers
- Brent crude price — the primary input cost; gasoil typically trades at Brent + $150–280/MT (crack spread)
- ICE Gasoil crack spread — the refinery margin for gasoil production; widens in heating season
- ARA heating oil stocks — Euroilstock weekly storage data for ARA gasoil inventory
- Seasonal demand — Q4 heating oil demand in Northern Europe and Northeast US supports gasoil prices
- Russian supply flows — EU ban on Russian petroleum products (February 2023) reshaped D2 trade routes
- Agricultural season — Spring planting drives off-road diesel demand in major farming regions