Kuwait Petroleum Corp (KPC) has announced the sale of 25,000 tonnes of Naphtha in July’s spot markets. The naphtha sales boosted Kuwait’s total spot sales to over 70,000 tonnes, making July Kuwait’s most active month in the spot markets in 2015, according to data compiled by Reuters.
Kuwait’s contribution to spot markets in July is expected to weigh down naphtha prices, as the market continues to be relatively over supplied.
"Asia is receiving more supplies from India to the Middle East and the west," a Singapore-based industry source said.
KPC does not usually contribute naphtha to international spot markets, as most of its products are sold through 12 month contracts. KPC has not yet provided a reason for the surplus naphtha supply in July.