Prompt 0.5pc fuel prices fell on reduced utility demand. Middle distillates fell as more supplies were ofered from China and India. Gasoline margins gained from export fows, while frm cracker values buoyed naphtha margins. Asian 0.5pc sulphur marine fuel backwardation, where prompt prices are above forward values, moved to its fattest in more than three months (see graph). Easing northeast Asian utility demand amid higher temperatures, as well as increased regional supplies, with Indian refiners destocking before the end of the current financial year, weighed on prompt values.
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