MARKET EYE: Japanese Disaster Tightens Product Markets

摘要

Refinery closures and product shortages in Japan triggered by last Friday's massive earthquake and tsunami have prompted Asian refiners to boost product exports to Japan and buy crude oil cargoes that Japanese refiners no longer want. The unexpected products demand has boosted product crack spreads across the board - with the exception of naphtha, a key petrochemicals feedstock, after the disaster knocked a big chunk of Japan's petrochemical capacity off line (px).