Product markets firmed, but middle distillates struggled to keep pace with crude. The return of refineries from spring maintenance was partly offset by cuts in refinery throughputs in the face of poor margins. Fuel oil was buoyed by limited shipments from FSU refineries. Naphtha rose, reflecting a supply shortfall in Europe and strengthening demand. The loss of 30,000 b/d of Libyan supply is underpinning prices. And Russian exports have been limited by icy conditions in the eastern Baltic. Demand has improved, particularly for gasoline blending ahead of the summer driving season. There is little demand for naphtha for ethylene cracking, as LPG is a more competitive feedstock.
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