KPIC came forward to buy a full-range naphtha cargo for second-half November delivery at a discount of about $6.50 a tonne to Japan quotes on a cost-and-freight (C&F) basis, traders said.
Last week, Hanwha Total and Lotte Chemical had also purchased naphtha for the same delivery period, but the grades bought were heavy full-range and open-specification, respectively.
Some traders expect supplies to remain ample throughout fourth quarter due to supply coming from new condensate splitters in Qatar and South Korea.
Kuwait Petroleum Corp (KPC) having sealed its full-range naphtha December 2016 to November 2017 contract with its Asian buyers at $4 a tonne premium to Middle East quotes on a free-on-board (FOB) basis reflected the weak fundamentals.
This was the lowest premium KPC has garnered for its one-year contract starting in December in about eight years, Reuters data showed.
It holds two other one-year contracts, of which one begins in April and the other in August.
GASOLINE UP
Asia's gasoline, in contrast to naphtha, was at a three-session high of $7.35 a barrel due to pockets of strong demand around the globe.
Egypt was looking to buy more than 230,000 tonnes of gasoline for November delivery to Suez and Alexandria.
The spike in purchase tenders was part of ongoing efforts to build strategic stocks, the petroleum ministry spokesman said on Sunday on local television amid questions over a possible suspension of Saudi oil aid.
Demand from West Africa was also seen as firm while the US has been leaning on Europe to supply it with the fuel as it had shut some of its oil and gas terminals due to concerns over possible damage from Hurricane Matthew.
But the oil and gasoline terminals in Fort Lauderdale and Orlando, and selected terminals in Jacksonville had reopened over the weekend.
TENDERS: China however will continue to have a steady stream of gasoline cargoes for the export market.
Sinochem has offered 36,000 tonnes of gasoline for Nov. 17-19 loading from Quanzhou through a tender due to be awarded on Oct. 12.
CNOOC has offered a smaller parcel of 13,000 tonnes of gasoline for Nov. 14-16 loading from Huizhou through a tender due to be awarded on Oct. 11.