Brent is near two week lows. Refined products are not. Brent is trading around $100 per barrel, but diesel markets remain extremely tight. European diesel futures recently reached record highs, while the US diesel crack spread hit a record $118.62 per barrel on September 14. US diesel inventories are also around 15% below the five year seasonal average. Europe is also facing an estimated 510K bpd jet fuel deficit in Q4, with inventories in the Amsterdam Rotterdam Antwerp hub at their lowest in seven years.