C&F TENDERS: Taiwan's Formosa, Asia's top naphtha importer, was looking to buy naphtha for August delivery to Mailiao through a tender that will close on June 29, with offers to stay valid until June 30.

- South Korea's YNCC, meanwhile, has bought naphtha at a discount of about 50 cents a tonne to Japan quotes on a cost-and-freight (C&F) basis, the first discount for the petrochemical since March 23.

- The deal came a day after rival LG Chem paid a premium of about 50 cents a tonne to Japan quotes on a C&F basis for the fuel, also scheduled for first-half August delivery but to Daesan port.

- Traders said at least one other North Asian buyer was in the market this week, apart from YNCC and LG Chem.

GASOLINE: Asia's gasoline fell to an almost two-week low of $8.57 a barrel, dragged down by concerns over high stocks in Europe caused by limited shipments to the United States.

STOCK LEVELS: In Japan, gasoline stocks fell 260,000 barrels to a six-week low of 11.63 million.