Naphtha margins buck the trend

摘要

1. Margins rose for all products except naphtha, which came under pressure from higher arbitrage arrivals and falling prices for competing petrochemical feedstock LPG. Middle distillate margins rose on firm demand from Malaysia and the US. 2. Naphtha refining margins slid, with prices pressured by plentiful arbitrage arrivals and weaker demand resulting from falling LPG prices (see graph). Long-haul imports are projected to rise to around 550,000 b/d in May.