SINGAPORE, Oct 9 (Reuters) - The Asian naphtha price rebounded to a five-session high of $965 a tonne on Tuesday, with the intermonth premium recovering to reach $12.00 a tonne as demand from South Korea returned.      LG Chem has bought 50,000 tonnes of for November delivery to Yeosu. Traders said the 25,000-tonne cargo for first-half November delivery was likely concluded at premiums of $11-$12 as tonne to Japan quotes on a cost-and-freight (C&F) basis.      Another 25,000-tonne cargo for second-half November delivery was done at premiums of $12-$13 a tonne.  
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       Despite the uncertain and mostly gloomy economic outlook, naphtha premiums held up as traders expected a tightly supplied market due to strong liquefied petroleum gas (LPG) prices and firm gasoline demand in the West.      LPG can be used to replace 5-15 percent of naphtha feedstock in some of the Asian crackers while naphtha can be used for gasoline production.      European refiners found it more lucrative to use naphtha to make gasoline to feed the West African market rather than to sell to Asia, which is structurally short.      That helped Bahrain's Bapco to garner record high premiums of $28 a tonne to Middle East quotes on a free-on-board (FOB) basis for its 2013 full-range naphtha shipments.  
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       Kuwait also achieved record premiums of its full-range naphtha for December 2012 to November 2013 lifting at $27 a tonne to Middle East quotes on a FOB basis, and $28 a tonne for its light grade for the same delivery period.      Taiwan's Formosa delayed an estimated 60,000 tonnes of naphtha to November from October after it reduced operating rates at its 2.93 million tonnes per year (tpy) naphtha cracking complex to 80 percent had limited impact on the market.  
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            GASOLINE CRACKS EASE     Asia's gasoline cracks eased to a two-session low of $12.87 a barrel after nearing a two-month high the previous day as high Brent crude put pressure on the margins.      Demand in Southeast Asia and South Asia were healthy with     Sri Lanka's Ceypetco seeking 1.56 million barrels of 90-octane gasoline and 125,000 barrels of 95-octane grade for Dec. 1 to May 31 delivery to Colombo.  
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       The tender closes on Oct. 25 and is valid for up to 4-5 weeks.  
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       India's Numaligarh Refinery Ltd (NRL) is seeking 7,000 tonnes of reformate for Nov. 10-25 delivery to Haldia port through state-run Bharat Petroleum Corp Ltd (BPCL).      The tender closes on Oct. 16, with offers to stay valid until Oct. 18.      Pakistan was also out seeking gasoline. It is looking to buy a total of 280,000 tonnes of gasoline for December 2012 to February 2013 delivery in a tender closing Oct. 19.      Offers are to stay valid until Oct. 26.      Separately, Tanzania has bought 92,180 tonnes of gasoline for November-December delivery.  
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       But the strength in the U.S. market could weaken considerably in the coming weeks, as high prices caused by a string of refinery outages alarmed consumers and politicians across California.  
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            * SINGAPORE CASH DEALS: Two deals, one each on naphtha and gasoline.      - SK Energy bought a 92-octane gasoline cargo from BP for Oct. 24-28 loading at $125.40 a barrel.      - Glencore sold a spread naphtha deal to Shell for second-half November and first-half December delivery at $6.00 a tonne.    LIGHT DISTILLATES                                                    CASH ($/T)                      ASIA       Chan  %       Prev      RIC                                  CLOSE      e     Change  Close       OSN Naphtha CFR Japan M1           965.00  8.00    0.84    957.00   
  NAF-1H-TYO
    OSN Naphtha CFR Japan M2           953.00  7.00    0.74    946.00   
  NAF-2H-TYO
    OSN Naphtha Diff                    12.00  0.50    4.35     11.50   
  NAF-TYO-DIF
    Naphtha Netback FOB Sing           104.85  0.83    0.80    104.02   
  NAF-SIN
    Naphtha Diff FOB Sing                1.50  0.00    0.00      1.50   
  NAF-SIN-DIF
    Naphtha-Brent  Crack               121.03  -5.4   -4.27    126.43   
  NAF-SIN-CRK
    Gasoline 97                        135.95  4.05    3.07    131.90   
  GL97-SIN
    Gasoline 95                        129.00  1.05    0.82    127.95   
  GL95-SIN
    Gasoline 92                        125.40  1.00    0.80    124.40   
  GL92-SIN
    Gasoline crack                      12.87  -0.7   -5.30     13.59   
  GL92-SIN-CRK
                                                                         SWAPS  ($/T)                    ASIA       Chan  %       Prev      RIC                                  CLOSE      e     Change  Close                                       (0830                                                                GMT)                                 Brent M1                           112.54  0.00    0.00    112.54   
  BRENTSGMc1
    Naphtha CFR Japan M1               953.50  1.25    0.13    952.25   
  NACFRJPSWMc1
    Naphtha CFR Japan M1/M2              9.25  0.00    0.00      9.25   
  NACFRJPSDMc1
    Naphtha CFR Japan M2               944.25  1.25    0.13    943.00   
  NACFRJPSWMc2
    Naphtha Japan-Sing Netback M1       11.65  1.25   12.02     10.40   
  NAPTC4SPDMc1
    Naphtha Japan-Sing Netback M2       13.20  1.25   10.46     11.95   
  NAPTC4SPDMc2
    Naphtha FOB Sing M1                104.65  0.00    0.00    104.65   
  NAFOBSGSWMc1
    Naphtha FOB Sing M1/M2               1.20  0.00    0.00      1.20   
  NAFOBSGSDMc1
    Naphtha FOB Sing M2                103.45  0.00    0.00    103.45   
  NAFOBSGSWMc2
    Naphtha Cracks M1                   -7.62  0.14   -1.80     -7.76   
  NACFRJPCKMc1
    East-West Naphtha M1               -10.25  0.00    0.00    -10.25   
  NAPJPEWMc1
    East-West Naphtha M2                 2.50  1.00   66.67      1.50   
  NAPJPEWMc2
    NWE Naphtha M1                     963.75  1.25    0.13    962.50   
  NAPCNWEAMc1
    NWE Naphtha M1/M2                   22.00  1.00    4.76     21.00   
  NAPCNWEASMc1
    NWE Naphtha M2                     941.75  0.25    0.03    941.50   
  NAPCNWEAMc2
    Crack NWE Naphtha-Brent M1          -7.90  0.03   -0.38     -7.93   
  NAPCNWEACMc1
    Crack NWE Naphtha-Brent M2          -8.42  0.11   -1.29     -8.53   
  NAPCNWEACMc2
    *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/GASOLINE NAPHTHA