SINGAPORE: Asia's gasoline crack spread hit a one-month high of $10.53 a barrel on Monday, supported by firm demand in Europe and a prolonged supply gap in the United Arab Emirates.
GASOLINE TENDERS: Abu Dhabi National Oil Co (ADNOC) is seeking a total of 960,000 tonnes of gasoline for July to December delivery to plug a gap in supply caused by a fire at the Ruwais refinery in January.
- Pakistan State Oil (PSO) has received offers for 92-octane gasoline scheduled for July delivery from 11 trading houses including PetroChina, Socar, Winson, Emirates National Oil Co and Litasco.
- Gunvor has the lowest offers for three of four gasoline cargoes, each at 55,000 tonnes, at below a premium of $1.50 a barrel to Middle East quotes on a cost-and-freight (C&F) basis.
- Oman Trading had the lowest offer for one of the four cargoes at $1.054 a barrel premium.
STOCK LEVELS: Gasoline stocks held independently in Europe's Amsterdam-Rotterdam-Antwerp hub fell by nearly 13.5 percent to 905,000 tonnes in the week to May 26, lowest since March 23, data from PJK showed.
- The gasoline stocks were seen moving to regions such as Latin America, West Africa and Singapore.
NAPHTHA SPOT DEALS: Unipec bought a naphtha cargo last week for June delivery at premiums in the high single digit level to Japan quotes on a cost-and-freight (C&F) basis.
- Taiwan's CPC was looking to buy at least 35,000 tonnes of full-range and another 35,000 tonnes of heavy naphtha for July 1-20 and July 1-25 arrival at Kaohsiung through a tender closing on May 31.
REFINERY NEWS: Kuwait National Petroleum Co (KNPC) said on Saturday it expected to restart some units at its Mina Abdulla refinery in June after maintenance work, Kuwait news agency Kuna said.
SINGAPORE CASH DEALS: Two naphtha deals and one on gasoline.
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