1. Northeast Asian refineries returning from maintenance are expected to add to products supplies in the region. Difficult-to-work arbitrages to export middle distillates from the region weighed on prices. 2. Low freight rates from the US opened the naphtha arbitrage to Asia-Pacific. Front-month naphtha’s premium to forward months fell to nearly a three-month low (see graph). And exports from India could reach 180,000 b/d in June, almost 50pc higher than in May, following the return of refineries from maintenance.
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