Kuwait Petroleum Corp (KPC) has sold over 100,000 tons of full-range naphtha for September 10-20 loading at a premium of US$18-19/ton, reflecting a nearly 55-60% increase from its previous sales premiums.
Two 50,000 ton cargoes of full-range naphtha were sold each to Arcadia and Itochu. A third cargo was sold to Vitol. KPC had on July 7 sold around 150,000 tons of full-range and light naphtha at premiums of US$11-12/ton to Middle East quotes on a free-on-board (FOB) basis. Thereafter, improved sentiments pushed up cracks for seven straight sessions from August 10 to reach a 3-1/2-month high on Aug. 18 at a $129.25/ton premium. Markets have gathered some strength because of limited European inflows and also due to temporary short-covering.