Refning margins softened as product price falls caught up with crude losses. Gasoline margins weakened signifcantly on slow export demand, in turn weighing on naphtha. Jet’s frm premium to diesel prompted refners to boost output of the former at the expense of the latter. Jet barges frmed against benchmark gasoil futures, and reduced their discount to the cargo market. Strong jet margins prompted European refners to maximise jet output over diesel (see graph, left). And lower jet prices in the Mideast Gulf, Singapore and the US Gulf coast pushed supply to Europe.
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