Asia's naphtha crack slipped to $108.35 a tonne on Monday after reaching $109.40 on Friday, its highest since early January. Buyers had mostly completed their purchases for cargoes scheduled for second-half June delivery while demand for naphtha scheduled for first-half July delivery has not started.
However, fundamentals have recently been strong due to tighter supplies and firm demand, with spot premiums of Indian cargoes rising to around a three-year high last week.
India's Oil & Natural Gas Corp (ONGC) has two outstanding tenders to sell a total of 65,000 tonnes of naphtha for first-half June lifting from Mumbai and Hazira.
Asia's gasoline crack rose for a fourth straight session to reach $7.58 a barrel, its highest level since April 10.
Gasoline inventories independently held in storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to 1.043 million tonnes in the week to May 11, data from Dutch consultancy PJK International showed.
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