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Asia Naphtha/Gasoline-Naphtha falls but gasoline jumps

SINGAPORE, Oct 8 (Reuters) - The Asian naphtha price was at a two-session low of $957.50 a tonne on Monday on lower Brent crude, while the intermonth premium fell to a two-week low of $11.50 a tonne on muted spot purchases from petrochemical makers.

The intermonth premium refers to difference between the front-month second-half November and second-half December prices.

Japan was closed for a holiday and South Korean buyers have yet to emerge as falling raw material crude prices could have caused buyers to retreat in wait of a clearer price direction.

"It's been very quiet and it's not easy to judge if the incoming Western cargoes are too much, or just about right to match demand," said a Singapore-based trader.

There are about 450,000 tonnes of European naphtha landing in Asia this month versus around 800,000 tonnes in September.

But India's October exports are higher at above 750,000 tonnes compared to less than 550,000 tonnes in September.

Saudi Aramco's naphtha exports for October will likely remain in the levels of up to 600,000 tonnes, similar to its September volumes.

China, where traders have just returned to the market after a week's holiday, has been slow on its plastics imports.

Plastics are made largely from naphtha in Asia, with South Korea and Taiwan exporting most of its surplus petrochemicals to China.

* TERM TALKS: Abu Dhabi National Oil Co. (ADNOC) will likely be hosting its term talks next month in South Korea instead of Singapore.

- The talks will be for shipments from February 2013 to January 2014.

* NAPHTHA TENDERS: India's MRPL sold 35,000 tonnes for Nov. 7-9 loading from New Mangalore port to PetroDiamond at $34-$35 per tonne above Middle East quotes on a free-on-board (FOB) basis.

GASOLINE CRACKS NEAR 2-MTH HIGH

Asia's gasoline cracks jumped 10.22 percent and was close to a two-month high of $13.59 a barrel, mirroring the firm market in the U.S.

A series of refinery mishaps have cut gasoline supply in California, which is largely cut off from U.S. national pipeline and refinery networks and thus more subject to supply and price disruptions.

Chevron has yet to restart a crude unit at its Richmond plant following a fire in early August.

"Must of the support is coming from the West," said a Singapore-based trader.

Supplies in the East were also not in abundance, especially with record high demand from Asia's top importer Indonesia as it will shut a secondary unit at Balongan plant in late October.

Separately, Sri Lanka's Ceypetco is seeking a total of 240,000 barrels of gasoline for Nov. 2 delivery in a tender which would close on Oct. 16. Offers are to stay valid until Oct. 19

* REFINERY NEWS: Sinopec Corp 220,000 barrels per day (bpd) Qilu refinery is closing on Monday a crude unit for a planned maintenance that will last 25 days.

- The unit has a capacity of 160,000 bpd.

* SINGAPORE CASH DEALS: Three deals.

- Shell sold a 97-octane gasoline cargo for Oct. 23-27 loading to BP at $31.90 a barrel.

- Total sold a 92-octane gasoline cargo for Nov. 3-7 loading to PetroChina at $124.40 a barrel.

- Shell on the other hand bought a naphtha spread deal for second-half November and second-half December from Glencore at $11.50 a tonne.

LIGHT DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close OSN Naphtha CFR Japan M1 957.50 -5.50 -0.57 963.00 OSN Naphtha CFR Japan M2 946.00 -4.00 -0.42 950.00 OSN Naphtha Diff 11.50 -1.50 -11.54 13.00 Naphtha Netback FOB Sing 104.02 -0.61 -0.58 104.63 Naphtha Diff FOB Sing 1.47 -0.16 -9.82 1.63 Naphtha-Brent Crack 126.43 4.70 3.86 121.73 Gasoline 97 131.90 0.73 0.56 131.17 Gasoline 95 127.95 -0.35 -0.27 128.30 Gasoline 92 124.40 -0.10 -0.08 124.50 Gasoline crack 13.59 1.26 10.22 12.33 SWAPS ($/T) ASIA CLOSE Change % Change Prev RIC (0830 GMT) Close Brent M1 110.81 -1.35 -1.20 112.16 Naphtha CFR Japan M1 944.50 -10.25 -1.07 954.75 Naphtha CFR Japan M1/M2 9.50 0.75 8.57 8.75 Naphtha CFR Japan M2 935.00 -11.00 -1.16 946.00

Naphtha Japan-Sing Netback M1 9.85 -5.75 -36.86 15.60

Naphtha Japan-Sing Netback M2 12.05 -6.50 -35.04 18.55

Naphtha FOB Sing M1 103.85 -0.50 -0.48 104.35 Naphtha FOB Sing M1/M2 1.30 0.00 0.00 1.30 Naphtha FOB Sing M2 102.55 -0.50 -0.49 103.05 Naphtha Cracks M1 -6.92 0.13 -1.84 -7.05 East-West Naphtha M1 -6.00 0.00 0.00 -6.00 East-West Naphtha M2 1.50 -0.50 -25.00 2.00 NWE Naphtha M1 950.50 -10.25 -1.07 960.75 NWE Naphtha M1/M2 17.00 0.25 1.49 16.75 NWE Naphtha M2 933.50 -10.50 -1.11 944.00

Crack NWE Naphtha-Brent M1 -7.09 0.18 -2.48 -7.27

Crack NWE Naphtha-Brent M2 -7.84 0.32 -3.92 -8.16

*Sing refers to Singapore

(Reporting by Seng Li Peng, editing by William Hardy)

((lipeng.seng@thomsonreuters.com)(+65 6870 3086)(Reuters Messaging: lipeng.seng.reuters.com@reuters.net))

Keywords: MARKETS ASIA/NAPHTHA GASOLINE