SINGAPORE: Asia's naphtha crack recovered to a four-session high of $29.58 a tonne on Wednesday while gasoline margins stayed near a 7-week high of $5.91 a barrel on stronger gasoline demand in Europe.

- Naphtha, where prompt supplies of open-specification grade are currently ample, is also used as a blending component for gasoline other than for the production of petrochemicals.

- Supplies of heavy full-range naphtha were less ample versus the open-specification grade.

- South Korea's GS Caltex on Tuesday bought heavy full-range naphtha for second-half August delivery at premium levels (C&F) but the exact range could not be directly confirmed as buyers do not typically comment on their deals.

- The GS Caltex purchase was made on the same day as SK Energy where the latter paid about $9 a tonne premium to Japan quotes on a C&F basis for heavy full-range naphtha.

- While heavy full-range grade prices have been holding in premium levels, benchmark open-specification naphtha spot prices have been trapped in discounts since May in South Korea.

- Gasoline demand in the West in the meantime was firm.

- Exports from Europe to the US East Coast had risen in recent days to plug a supply gap after the 335,000 barrel-per-day Philadelphia Energy Solutions Inc refinery was affected by a massive fire on June 21.

* OTHER NEWS: Venezuela's oil exports recovered in June from a sharp drop the month before, helped by increased deliveries to China, which is now state-run oil firm PDVSA's primary destination for its crude, according to company records and Refinitiv Eikon data.