Refning margins weakened, except for gasoline and fuel oil. The economics of storing jet fuel and gasoil improved, providing some relief to sellers. High supplies weighed on naphtha, but gasoline demand supported light distillates. Naphtha’s premium to Brent crude fell to a seven-month low, after Indian refners sold 35,000 b/d for July and August loading. The Indian sales and esti- mates of substantial arbitrage arrivals pressured prompt naphtha, which fell to a discount to forward values for the frst time since January (see graph, left).
展开▼
