1. Poor export economics weighed on gasoline and middle distillates, while petrochemical cracker shutdowns cut naphtha demand. 2. Naphtha margins fell to a one-month low as petrochemical plants in China, Japan and South Korea shut for maintenance (see graph, left). May arbitrage arrivals are expected to be similar to April at 450,000-475,000 b/d, but heavy naphtha imports are likely to be limited.
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