Supplies weigh on light distillates

摘要

1. Refining margins strengthened except for light distillates. Plentiful supplies weighed on gasoline and naphtha. 2. Fuel oil storage economics were the most attractive this year, although they remained unworkable on paper (see graph). Activity in the bunker fuel market was thin because of the lunar new year holidays, but spot demand emerged from utilities in South Korea and Pakistan.