Asia Naphtha/Gasoline-Naphtha prices rally to six-month high; gasoline crack near March lows

NEW DELHI, Oct 30 (Reuters) - Asia's naphtha price rallied to six-month highs on Friday, mirroring the gains in crude oil benchmarks, as fresh tanker attack in the Strait of Hormuz reignited supply concerns.

The price for first-half December naphtha rose to $1,115.50 per metric ton in a steep backwardation of $47.25 a ton.

In tenders, Japanese buyer AMEC bought first- and second-half December cargoes at high premiums, market participants said.

In the gasoline market, Pertamina surfaced again to buy 90-octane grade of fuel for November 22-24 delivery in a tender closing on Friday, they said.

The gasoline crack more than halved from the previous session to about $11 per barrel over Brent crude, the lowest level since March 2, in tandem with global cracks and as China issued a rare fourth batch of fuel export quotas for fuels.

NEWS

- Oil prices rose on Friday and were on track for a fourth monthly gain as traders braced for a potential escalation in the US-Iran conflict after US midterm elections, with an attack on a tanker in the Strait of Hormuz highlighting supply risks from the war. O/R

- China's CNOOC Ltd plans to resume production at its deep-sea gas field Lingshui 17-2 in the South China Sea in the fourth quarter following an accident earlier in the year, a company executive said during an earnings call on Friday.

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