Europe naphtha cargoes drop on crude oil futures

02 October 2007 12:25  [Source: ICIS news]

LONDON (ICIS news)--European naphtha cargoes plummeted in reaction to falling crude oil futures, said traders said on Tuesday.

 

The open spec grade has lost just under $30/tonne (€21/tonne) CIF (cost, insurance and freight) NWE (northwest Europe) since 28 September.

 

The majority of losses took place on Monday as Brent crude oil futures lost around $4/bbl over the same period.

 

Traders said the fall in crude oil futures were a result of profit takings after seeing November Brent crude hit a record high at $81.05/bbl on 28 September.

 

However, London based naphtha traders said the naphtha market remained on strong ground with an October crack spread quoted at $2.10-2.25/bbl over November Brent.

 

Open spec spot cargoes were assessed in a $702-706/tonne CIF NWE range.

 

($1 = €0.70)

By: Kawai Wong
+44 20 8652 3214

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