Kuwait buys gasoline from Total for April trade

DUBAI: State-run Kuwait Petroleum Corp (KPC) bought one cargo of gasoline from Totsa in a tender last week, traders said.

Kuwait is not a regular buyer of the motor fuel.

KPC paid a premium of around mid $50s over the Middle East benchmark naphtha quotes in a deal it sealed last week. The cargo is for April-delivery, traders said.

A standard gasoline cargo is 33,000 tonnes or around 280,000 barrels.

The premium was significantly below the market, traders said.

"The gasoline market is oversupplied, which allows some very advantageous deals like this for the buyers" one gasoline trader said.

Traders peg spot premiums for gasoline at around mid $80s over Middle East benchmark naphtha quotes.