Gasoil and naphtha prices received a boost from a pick-up in regional demand. Gasoline and fuel oil were buoyed by rising crude oil prices, helping counter the effects of increasing supplies. Jet-kerosine drew support from tightening spot availability in the Mideast Gulf and an open arbitrage window from the Mideast Gulf to Europe, where inventories are tight. This helped push up the product's physical differential to a record premium of above 2.50/bl to fob Mideast Gulf spot quotes, compared with year-ago premiums of 1.50-2/bl.
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