SINGAPORE: Asia's naphtha crack fell for the fourth straight session on Wednesday to touch $54.65 a tonne, the lowest since June 6, as expectations of more supplies offset current demand.
C&F TENDERS: Taiwan's Formosa, Asia's top naphtha importer, was looking to buy naphtha for August delivery to Mailiao through a tender that will close on June 29, with offers to stay valid until June 30.
- South Korea's YNCC, meanwhile, has bought naphtha at a discount of about 50 cents a tonne to Japan quotes on a cost-and-freight (C&F) basis, the first discount for the petrochemical since March 23.
- The deal came a day after rival LG Chem paid a premium of about 50 cents a tonne to Japan quotes on a C&F basis for the fuel, also scheduled for first-half August delivery but to Daesan port.
- Traders said at least one other North Asian buyer was in the market this week, apart from YNCC and LG Chem.
GASOLINE: Asia's gasoline fell to an almost two-week low of $8.57 a barrel, dragged down by concerns over high stocks in Europe caused by limited shipments to the United States.
STOCK LEVELS: In Japan, gasoline stocks fell 260,000 barrels to a six-week low of 11.63 million.
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