Export demand for naphtha softened and light products margins weakened. Jet fuel premiums to crude rose on limited spot supplies, while high diesel stocks limited margin gains. Exports supported fuel oil. The shutdown of two Asia-Pacifc petrochemicals steam crackers cut naphtha export demand from Europe, although frm regional demand continued to support values. Naphtha’s premium to North Sea Dated crude fell by around $5/bl before recovering and ending the week around $2/bl down (see graph).
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