Naphtha and fuel oil buck losses

摘要

Most products took a cue from weaker crude markets. But naphtha and fuel oil bucked the trend. Gasoline margins remain fairly solid, but high stocks of distillates continue to weigh on the product complex.Naphtha rose by $5/t, outperforming other clean products, and nudged back above crude's value for only the second: time this summer (see graph) The discount of naphtha: to gasoline remains wide enough to bolster demand for heavy naphtha grades suitable for gasoline production, and strong demand from the petrochemical sector has boosted demand for lighter grades.