Japan's Idemitsu bought two cargoes of naphtha this week for first-half July delivery at premiums within the low to mid-single digit level a tonne to Japan quotes on a cost-and-freight (C&F) basis, industry sources said.

The petrochemical maker had on May 13 bought the fuel for second-half June delivery at a low single-digit premium a tonne.

TERM TALKS: Abu Dhabi National Oil Co (ADNOC) has finalized premiums of its 12-month contract starting July for four naphtha grades at $16 to $20 a tonne to its price formula on a free-on-board (FOB) basis, industry sources said.

They added that due to the high premiums, some buyers accepted the levels but may have reduced the volumes they would be lifting.

Despite these fresh premiums being $4 to $8 lower versus ADNOC's current 12-month contract which expires in June this year, sources said the levels were high in view of the current weak fundamentals.

TENDERS: India's BPCL has offered 35,000 tonnes of naphtha for June 16-17 loading from Kochi via a tender closing on May 30.

The refiner had previously sold two cargoes for May loading from the same port to Glencore and Petro-Diamond respectively.

GASOLINE: Asia's gasoline crack fell for the sixth straight session to an almost three-month low of $2.67 a barrel on ample supplies.

Demand from India has been offset by supplies from China.

Indian Oil Corp (IOC) was looking to buy up to a total of 30,000 tonnes of gasoline for June 12-14 delivery to Kochi and Chennai through a tender closing on May 30.

Chinese Hongrun on the other hand was looking to sell 60,000 tonnes of gasoline for June 18-20 loading from Longkou, Shandong, through a tender closing on Wednesday.

CNOOC had also offered gasoline but for a smaller parcel of up to 35,000 tonnes for June 29-30 loading from Dongguan Lisha Terminal, Guangdong, through a tender also closing on Wednesday.

CASH DEALS: Three gasoline deals.