Naphtha stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose 39pc in the week to Thursday, data from Dutch consultancy Insights Global showed.

The rise in naphtha was due to several deliveries from Algeria for gasoline blending demand as well as fading petrochemical demand, Lars van Wageningen of Insights Global said.

Troubled refiner Philadelphia Energy Solutions said on Thursday it has started a process to solicit interest from potential suitors for the company or its assets.