Asia Naphtha/Gasoline-Naphtha falls to 7-week low on high supplies

Asia is expected to receive some 2mln tonnes of naphtha next month

  

SINGAPORE- Asia's naphtha crack fell for the fourth straight session on Monday to hit a 7-week low of $70.80 a tonne as ample supplies dragged.

- Asia is expected to receive some 2 million tonnes of naphtha next month from Europe, the Mediterranean and the United States, three trade sources who track East-bound deals said, making this the highest monthly East-bound volume in three months.

- "Currently, provisional shipments arriving from the United States (in November) at under 500,000 tonnes are at their highest since June and over four times higher versus October," said Krystal Chung of Refinitiv Oil Research.

* GASOLINE: Asia's gasoline crack was at a two-session low of $2.34 a barrel, down by more than half compared to $5.84 a barrel on Sept. 28 when it was at a 6-1/2 month high.

- India's demand failed to lift the market as supplies were seen sufficient.

- Hindustan Petroleum Corp Ltd emerged to seek a total of 68,000 tonnes of gasoline for November arrival at Mundra and Vizag through a tender due to be awarded around middle of this week. 

* OTHER NEWS: - Saudi Aramco and Saudi Basic Industries have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead. 

- Gasoline exports from Northwest Europe to the U.S. East Coast are expected to reach 461,000 tonnes in October so far, according to Refinitiv data. That is around half of total monthly exports a year ago, Refinitiv said. 

- The catalytic cracker at Venezuela's Cardon refinery, key to gasoline production, was halted on Friday due to equipment failure, two union leaders and two workers said. Gasoline shortages persist across the OPEC nation.

(Reporting by Seng Li Peng; Editing by Shailesh Kuber) ((lipeng.seng@thomsonreuters.com; +65 6870 3086; Reuters Messaging: lipeng.seng.thomsonreuters.com@reuters.net))

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