Reuters Market Eye - Shares of Indian oil refiners gain on hopes for higher margins as Venezuelan gasoline exports are expected to be impacted as firefighters struggle to put out a blaze at the country's biggest refinery.
Goldman Sachs says export volumes could be hit in the near-term, which would benefit Asian refiners with high gasoline/naphtha yields such as Reliance Industries .
"We note that such a major fire elsewhere in the world has typically caused months in delays before resuming full operations," Goldman says in a note dated on Monday.
Asia's fuel oil timespreads surged in brisk trade on Monday morning, following a fire at Venezuela's Amuay refinery on August 26, according to traders.
Reliance Industries gains 0.9 percent, Oil and Natural Gas Corp advances 0.7 percent, while Cairn India adds 1.2 percent