Asia's gasoline crack fell to a two-session low of $1.46 a barrel after hitting a nine-week high in the previous session as higher supplies and stronger crude oil weighed on the market.
Although traders were expecting China to export lower volumes of gasoline in January versus December, there were concerns that onshore tanks in Singapore were mostly filled to the brim after official data showed that light ends stocks hit a record high of over 16 million barrels in the week ended January 2.
Asia's naphtha crack's performance was equally lacklustre. It fell $2.30 to $40.45 a tonne, the lowest since December 11, as heavy supplies countered demand.
Following a week of muted demand, at least three buyers came forward on Monday to buy cargoes for second-half February delivery.
This included south Korea's GS Caltex and Japan's Idemitsu Kosan.
The results were not immediately clear, but traders said the estimated premiums for GS Caltex, which was seeking heavy full-range naphtha, and Idemitsu could be in the range of a low single-digit premium a tonne to Japan quotes on a cost-and-freight (C&F) basis.
GS Caltex had on December 7 paid a discount of $5 a tonne for heavy full-range grade scheduled for second-half January delivery. Pakistan State Oil is looking to buy gasoline for first-half March and second-half March delivery through tenders closing in end-January and February 14 respectively.
The offers will remain valid until February 8 and February 22 for gasoline scheduled for March 1-15 and March 16-30 delivery respectively. An offensive by Mexico's new government against fuel theft at one of the country's main refineries has led to days of shortages at gas stations in several central states, as authorities move more fuel by tankers and less by vulnerable pipelines.