Light products were oversupplied, limiting price gains, while naphtha fell despite regional refinery problems. Fuel oil rose amid strong regional demand. Naphtha fell to its lowest level against crude in 13 months. Mideast Gulf producers offered spot cargoes in an already well-supplied market. And an explosion shut a 700,000 t/yr ethylene cracker in Taiwan for two to three months, reducing naphtha demand. Indian naphtha cargoes traded below benchmark spot assessments for the first time since May 2009 (see graph).
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