Asia’s naphtha crack extended losses on Tuesday to reach close to a six-week low of $22.78 a tonne, with buyers slow to purchase cargoes for delivery in the second half of September.
Asia’s gasoline profit margin was mostly unchanged at $5.87 a barrel.
Gasoline inventories in the United States were expected to have fallen by 1.2 million barrels last week, a preliminary Reuters poll showed on Monday.
India’s IOC and Kuwait each have an outstanding tender to sell naphtha this week.
Kuwait is looking to sell a cargo for September delivery after higher-than-usual exports in August.
It had sold a total of more than 150,000 tonnes for August loading, compared with 28,000 tonnes for June. There were no records of spot cargo sales in July, Reuters data showed.
IOC, meanwhile, was looking to export the cargo for August, bringing its total volumes for export this month to 97,000 tonnes, the highest monthly quantity since May 2015.
Overall, total naphtha flows to Asia this month are expected at up to 5.5 million tonnes, against 4.8 million tonnes in July, Refinitiv Oil Research said in a weekly report.